Earthstone merged into Permian Resources in November in a $4.5 billion all-stock deal. (Source: Shutterstock/ Earthstone Energy)
Former Earthstone Energy executives have launched a new start-up—focusing on conventional oil and gas reservoirs.
“Our asset focus will be primarily set on conventional assets in Texas, New Mexico, Louisiana and Oklahoma,” said Robert Anderson, previously president and CEO of Earthstone and is now CEO of the start-up, PetroPeak Energy, based in Houston.
But, he added, the company “will also consider unconventional assets in the Eagle Ford and Austin Chalk” in South Texas.
“Our strong track record of operations and asset acquisitions, along with integration and portfolio management, will drive our returns-based strategy,” Anderson said.
Properties of interest are PDP-weighted with acquire-and-exploit upside.
Earthstone merged into Permian Resources in November in a $4.5 billion all-stock deal. The E&P had built its production to more than 100,000 boe/d from the Permian Basin and South Texas since its 2014 start.
Joining PetroPeak are Steve Collins, formerly COO of Earthstone, and Scott Thelander, formerly Earthstone’s vice president of finance.
Anderson is currently an Earthstone board member. He and retired Earthstone executive Frank Lodzinski had merged their EnCap Investments-backed Oak Valley Resources into publicly held Earthstone Energy in 2014.
Recommended Reading
CEO: Range Passes On M&A Fervor For Now: ‘We Didn’t Have To’
2024-11-07 - While the rest of the E&P sector bought, merged and consolidated, Range Resources sat on the sidelines in Appalachia because it already has plenty of drilling inventory, CEO Dennis Degner says.
Exclusive: Early Findings Show Untapped Potential in Barnett Exploration
2024-12-03 - Steven Jolley, Halliburton’s Permian Basin technology manager, gives insight into potential for new drilling opportunities around Andrews County and efficiencies operators are seeing within the Permian, in this Hart Energy Exclusive interview.
Exclusive: Permian’s Relevance in US Oil Production Expected to Increase
2024-11-26 - Jefferies’ Pete Bowden, the global head of industrial, energy and infrastructure investing, discussed the trajectory of the Permian Basin’s production and the future of M&A in the increasingly consolidated region, in this Hart Energy Exclusive interview.
Shale Players Hit Sweet Spot with Higher Volumes, Lower Costs: EIA
2024-12-12 - Over the past two years, publicly traded E&Ps have generally increased production, with oil volumes in second-quarter 2024 averaging 3.9 MMbbl/d while production costs have fallen by $11/boe since 2019.
Hilcorp Fined $9.4MM Over San Juan Basin Fracking Emissions
2024-10-18 - Private E&P Hilcorp Energy will pay a $9.4 million civil penalty stemming from natural gas fracking operations in New Mexico’s San Juan Basin.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.