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Henry Resources, Pickering Partner for $500MM Permian JV
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Pickering Energy Partners has formed a strategic joint venture with Henry Resources for a project in the Permian Basin.
Henry and PEP will target to invest at least $500 million in producing asset packages to be operated by the Henry team. The joint venture will pursue acquisitions of producing oil and gas assets across the Permian Basin where Henry has operated for over 50 years.
Dan Pickering, Chief Investment Officer, said: "We see a unique opportunity today in the acquisition market for producing oil and gas assets. Partnering with Henry Resources and our investors allows us to opportunistically exploit the liquidity-driven mispricing in the market. The Henry team has been long time friends and partners of ours, and we are honored to be working with a group with a respected reputation, a half century of experience in the Permian, and a distinguished track record of success."
David Bledsoe, President of Henry Resources, added: “Henry has had a front row seat to the Permian Basin through various cycles over the past few decades, and today looks like one of the most favorable PDP acquisition markets we have ever seen. Henry believes we are well positioned with the PEP joint venture to exploit the current correction and deliver predictable returns to the Henry family and our partners.”
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