HOUSTON and THE WOODLANDS, Texas, Aug. 19, 2019 /PRNewswire/ -- Privately owned oil and gas exploration, and mineral companies New Dawn Energy, LLC ("New Dawn") and Mineral Resources Partners, LLC ("MRP") today announced an agreement to jointly explore and develop certain assets contributed by each company in south Louisiana, targeting unconventional and conventional reservoirs. The development area initially includes ~ 90,000 net mineral acres out of the ~120,000 net mineral acres owned by the companies and additional leased minerals located in Calcasieu and Beauregard Parishes. The companies' exploration teams have already developed projects within the initial AMI. The parties expect initial development under the agreement to begin during the fourth quarter of 2019.
Dr. Ghasem Bayat, Chief Executive Officer of New Dawn Energy said, "New Dawn is excited to be partnering with MRP a fellow mineral owner, exploration company, and experienced operator. We believe the strategic combination of our respective acreage positions and cooperative interpretation by our geoscience staffs creates an enviable alliance. We expect this agreement to create significant value for both parties and look forward to working with MRP."
David V. De Marco, Director of Business Development for Mineral Resources Partners, LLC said, "We are delighted to enter into a collaborative relationship with Dr. Bayat and New Dawn. The companies' close alliance and experienced exploration and production teams have already developed more than 15 projects within the initial AMI, which will be displayed at the upcoming NAPE. The companies' significant mineral ownership in Louisiana, including 120,000 NMA in the Austin Chalk trend surrounding Masters Creek in Vernon and Allen Parishes, gives us mutual long term goals. We are honored to work with the experienced and results driven team at New Dawn."
About New Dawn Energy
New Dawn Energy, LLC is a privately owned oil and gas exploration and production company focused on acquiring and developing operated and non-operated assets in major basins in the United States. The company is managed by Dr. Ghasem Bayat, Chief Executive Officer, and Mr. Ehsan Bayat, Executive Vice President of Business Development. New Dawn, through its acquisition of LaBokay Natural Resources in 2017, owns over 270,000 net acres of mineral servitudes in the western parishes of Louisiana, including significant positions in the Saratoga Chalk, Austin Chalk, and Bossier trends. For more information, please visit: www.newdawn.energy and www.labokay.com
About Mineral Resources Partners, LLC (MRP)
Mineral Resources Partners, LLC is a privately-owned oil and gas exploration and production company that owns over 550,000 Net Mineral Acres in Texas, Louisiana, Alabama and Georgia.
The company acquires, develops and operates unconventional and conventional oil and gas fields, with its core areas being in the Permian Basin (Spraberry Trend/WolfCamp), East Texas (Haynesville, Petit, Woodbine, Cotton Valley and James Lime) and Louisiana (Austin Chalk, Frio, Cockfield and Wilcox).
MRP was founded in 2016 by Phil Mulacek, Alain Vinson, Eric Urban and David De Marco.
For more information, please visit: www.mineralresourcespartners.com
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SOURCE Mineral Resources Partners