MIDLAND, Texas and HOUSTON, June 12, 2019 /PRNewswire/ -- Prime Rock Resources ("Prime Rock"), an upstream portfolio company of Lime Rock Partners, and New Dawn Energy ("New Dawn"), a privately held oil and gas exploration and production company, today announced an agreement to jointly develop certain assets contributed by each company in central Louisiana targeting the emerging Austin Chalk play. The development area covers approximately 120,000 net acres in Allen, Avoyelles, Beauregard, Rapides and Vernon Parishes, primarily in the legacy Masters Creek Field. As part of the agreement, Prime Rock and New Dawn have established an area of mutual interest in which the companies will work together to jointly acquire additional acreage. The parties expect initial development under the agreement to begin during the fourth quarter of 2019.
"Prime Rock is pleased to partner with New Dawn in Masters Creek," said Manny Sirgo, President and Chief Executive Officer for Prime Rock Resources. "We are excited about the potential benefits of applying modern drilling and completion technology in one of the most prolific legacy Austin Chalk fields in the entire trend. We look forward to working closely with New Dawn to jointly develop these assets."
Dr. Ghasem Bayat, Executive Vice President for New Dawn Energy said, "New Dawn is excited to be partnering with Prime Rock, a proven operator with a track record of safe, profitable and successful operations. We believe the strategic combination of our respective acreage positions creates one of the premiere positions in the entire trend. We expect this agreement to create significant value for both parties and look forward to working with Prime Rock to jointly develop and grow these assets in the future."
About Prime Rock Resources
Prime Rock was founded in April 2017 by Manny Sirgo and former members of the Endurance Resources team with equity commitments from Lime Rock Partners and management. An early mover, Prime Rock has acquired over 100,000 net acres in central Louisiana targeting the emerging Austin Chalk play. The majority of Prime Rock's acreage is in Allen, Beauregard, Rapides and Vernon Parishes, primarily in the legacy Masters Creek Field. For more information, please visit: www.primerockresources.com
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, Executive Vice President of Exploration and Production, and Mr. Ehsan Bayat, Vice President of Acquisitions & Divestitures. 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 more than 150,000 net acres in the Austin Chalk trend. For more information, please visit: www.newdawn.energy and www.labokay.com
SOURCE Prime Rock Resources