DALLAS and SAN FRANCISCO, June 13, 2016 /PRNewswire/ -- TSSP, a leading special situations investment platform, and Hunt Oil Company, a privately held oil and gas exploration and production company, today announced an agreement to develop certain of Hunt Oil's assets in the Midland Basin in Texas. The development area covers approximately 18,000 net acres across Martin, Glasscock, Midland and Upton counties. Under the agreement, TSSP has committed up to $400 million to fund the development which is expected to take approximately three years to deploy. Additional terms were not disclosed.
"Hunt Oil Company is pleased to partner with TSSP in the Midland Basin," said Travis Armayor, Senior Vice President for Hunt Oil Company. "This partnership will provide strategic capital to efficiently develop a premier asset position in a world-class basin. We look forward to working with a well-respected capital provider such as TSSP to deliver solid results from these assets."
Matt Dillard, a TSSP partner said, "Hunt Oil has a proven track record in safe, profitable and successful operations from its founding in East Texas to its assets around the world. We are very excited to partner with their strong team to provide strategic capital in a key, low-cost basin. We expect this agreement to generate significant value for both parties and look forward to deploying capital in the region over the coming years."
Jefferies LLC acted as sole financial advisor and Baker Botts LLP acted as legal advisor to Hunt in this transaction. Kirkland & Ellis acted as legal advisor to TSSP.
About Hunt Oil Company
Hunt Oil Company is one of the largest privately held companies in the United States, operating both domestically and internationally. With more than 80 years of leadership in the exploration and production industry, Hunt Oil Company found its original success in the East Texas oil fields. Today, the company is actively engaged in exploration and production activities in North America, South America, Europe and the Middle East. The company has drilled wells on every continent except Antarctica.
TSSP is the global credit and special situations platform of TPG. Co-founded in 2009 by Chief Investment Officer Alan Waxman, TSSP has approximately $19 billion in assets under management. TSSP has a long-term oriented, highly flexible capital base that allows it to invest across industries, geographies, capital structures and asset classes, in distressed assets but also healthy and growth companies. TSSP's investments are typically complex to source, analyze and execute. For more information, please visit www.tpg.com/platforms/tssp.