Western Natural Resources, KKR Team to Buy Williston Assets
Western Natural Resources, LLC and global investment firm KKR have teamed up to acquire producing and undeveloped oil and gas assets in the Williston Basin.
The Williston Basin has a high-quality drilling inventory that is well suited to KKR’s Energy Real Assets strategy, which prioritizes the generation of free cash flow and strong asset level returns in the upstream sector.
Western, which has its headquarters in Oklahoma City, will acquire, manage and develop producing wells and drilling locations throughout the play.
“We are excited to partner with KKR and bring what we feel is a differentiated view and business model to the basin to build a premier asset base focused on delivering strong risk-adjusted returns,” Western CEO Heath Mireles said in a release.
“The Williston continues to be a core area of focus for us… [we] believe our partnership is well positioned to acquire and manage assets in the Williston for the long run,” added Ben Conner, director on KKR’s Energy Real Assets team.
KKR’s Energy Real Assets strategy has invested $4 billion in capital across 12 transactions since 2015.
Last week, KKR announced it was partnering with Spur Energy Partners LLC to acquire assets in the Permian.
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Senior Editor | Rigzone