Warwick Buys $450MM of Texas Shale Assets
(Bloomberg) -- One of the biggest U.S. investors in oil and natural gas wells is buying $450 million worth of assets in the Texas Eagle Ford shale basin from a renowned energy family in Dallas.
Warwick Investment Group LLC, which owns stakes in more than 5,000 oil and gas wells, said Wednesday in a statement it has agreed to buy producing oil and gas wells in the South Texas shale patch from Dallas-based Rosewood Resources Inc., part of the famed Hunt family. Part of the financial commitment includes future development, which Warwick said would target natural gas and natural gas liquids.
“Rosewood grows Warwick’s exposure to world-class, geologically diversified and de-risked reservoirs,” Kate Richard, chief executive officer of Warwick, said in the statement. The investment firm, which has more than $2 billion in managed assets, said it has Eagle Ford property immediately next to the Rosewood acreage.
The U.S. shale patch has seen a divergence this year as closely held explorers boost drilling more than their public rivals in hopes of getting bought out. Another oil company within the extended Hunt family sold its Permian Basin business in April to the Vitol Group. This latest deal comes half a year after Warwick closed on its fourth energy fund.
© 2021 Bloomberg L.P.
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
- Russia To Talk Green Projects And Lifting Gazprom's Sanctions At COP26
- China Must Hold Energy Supply Security In ‘Its Own Hands’, Xi Says
- Prosafe To Work On Elgin Field For TotalEnergies
- U.S. Stockpiles In Cushing Reaching Historically Worrying Levels
- Shell Could Miss Its Own Emission Reduction Goals