Falcon E&P Acquires Permian Basin Interests
Falcon E&P Opportunities Fund, L.P. a partnership specializing in direct onshore oil and gas investments, announced today its acquisition of working interests in producing and non-producing properties in the Permian Basin of West Texas. Falcon is acquiring a majority interest in the project together with Banner Resources, LLC, Dallas-based independent oil and natural gas company. Current gross production is approximately 645 barrels of oil equivalent per day from 63 wells on 13,000 acres in Tom Green and Irion Counties.
The property produces oil, natural gas and natural gas liquids from multiple producing horizons on a large contiguous acreage position with over 200 shallow, low risk drilling locations. The Permian Basin is the largest onshore producing region in the Lower 48 and has produced over 30 billion barrels of oil since the first discovery some 80 years ago.
Dick Rinehart, a Founding Principal of PetroCap and Falcon stated: "We like mature producing regions like the Permian and this project fits our investment thesis of exploiting reserves through low risk drilling. We are excited about developing the upside in this property for our investors and working with Banner as our operating partner."
Mark Stanger, COO of Banner Resources stated: "We look forward to working with Falcon on this project and their technical and business skills were crucial in getting this acquisition done."
Falcon E&P Opportunities Fund, L.P. ("Falcon") is a Delaware limited liability partnership specializing in direct investments in onshore oil and gas assets located in the continental United States. Falcon's general partner is made up of affiliates of PetroCap and Highland Capital Management, L.P.