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Silver Hill Energy Partners LP said it has signed definitive agreements with Liberty Resources II, an oil and gas company based in Denver. It will acquire the latter's oil and gas properties, rights, and other assets it owns in North Dakota.
The deal also stated that Silver Hill Energy Partners is buying all the shares in Liberty Midstream Solutions, a midstream oil and gas firm with processing facilities and logistics assets in the same state. The company is looking to complete its acquisition of the said assets by March 14.
Other Details of the Merger
According to Reuters, Liberty Resource's assets in North Dakota that Silver Hill Energy Partners is buying are extensive. The midstream business has a facility with a production capacity of almost 13,000 barrels of oil per day and a gas processing plant that can produce 30 million cubic feet per day (mmcf/d).
The Denver-headquartered energy development company will buy all of these assets from Liberty Resources II but the financial details were not disclosed. The deal is expected to further boost the firm's scale and increase the number of its premium drilling sites.
Financing and Business Plans Going Forward
To pay for the acquisition of Liberty Resources' properties, Silver Hill Energy II said it is planning to come up with the needed funds by combining equity from Silver Hill Energy Partners III and another Silver Hill-backed partnership. It will also get money from senior bank debt from each of the partner's credit facilities. Lastly, the company said it will use the assets it will acquire as a springboard for its future growth in the energy sector.
"After years of considering various opportunities for entry points into the Bakken, we are thrilled to be acquiring what we believe is an ideal initial upstream and midstream development platform for us in the play," Silver Hill Energy Partners' founder and chief executive officer, Kyle D. Miller, said in a press release. "Liberty's assets represent not only an attractive operating footprint with immediate scale and runway but also a uniquely situated natural gas and water infrastructure system that provides a meaningful uplift to our drilling economics."
The CEO added, "We have enjoyed working with the Liberty team throughout this transaction and are excited to harness our teams' combined knowledge and experience as we continue developing and growing this new Bakken position as well as our sizable existing Haynesville business."
Photo by: Silver Hill Energy Partners
