Top Story | Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity
Pure Acquisition Corp. Seals Deal for Midland Basin-Focused HighPeak
Pure Acquisition Corp. has finalized its $845 million acquisition of HighPeak Energy LP / HighPeak Energy II LP's asset portfolio.
The deal was originally struck on May 4, 2020.
The deal creates a new Midland Basin-focused E&P entity, HighPeak Energy, that will operate the acquired assets. The new company will trade under the symbol HPK on the NASDAQ.
Portfolio
- Acreage: 51,000 contiguous net acres located primarily in Howard County, TX
- Drilling Locations: 495 gross (400 net operated)
- Net Production: 3 Mboe/d (90% oil) (as of April 2020)
Jack Hightower, HighPeak Energy’s Chairman and CEO, said, “We are excited to have completed the business combination and begin building production and cash flow with our development program. Our initial focus will be bringing our 15 horizontal wells online this year and drilling an additional six wells by yearend.”
HighPeak Energy raised $102 million of equity through the money from Pure’s trust holders and a concurrent private placement.
Michael L. Hollis, HighPeak Energy’s President, said, “With oil prices stabilizing at $40 or more per barrel for about the last two months and the closing of the business combination, we expect to begin increasing our production throughout the remainder of the year and to begin drilling with a one-rig program.”
Related Categories :
Deals - Deal Close
More Deals - Deal Close News
-
Ring Energy Finalizes Acquisition of Stronghold Energy II
-
Centennial, Colgate Finalize $3.9B Merger; Debut as Permian Resources Corp.
-
Diamondback Seals Rattler Midstream Deal; Takes Company Private
-
Riverbend Finalizes $1.8B Sale of Portfolio Companies
-
Northern Oil Closes $158MM Bolt-On Deal for Williston Assets
Permian News >>>
-
Seventeen (17) E&Ps; To Use 47 Frac Crews To Complete 2,800 Wells In 2024
-
These Permian Operators Plan to Complete/Frac 2,100 Wells IN 2024
-
Large E&P Chops Permian/Anadarko Basin Frac Activity by 30% In 2024
-
Permian E&P Ups 2024 Well Completed by +27% vs. 2023
-
Contrary to The Noise, U.S. Oil Production will Likely Growth 4-5% In 2024; A look Inside -
Permian - Midland Basin News >>>
-
New Permian E&P Company Score Capital; On The Hunt For Assets -
-
Chevron To Cut D&C Activity in U.S. Shale In 2024; Here is Where. -
-
An Early Look at Company 2024 Capital & Development Plans
-
EOG Resources Reports Third Quarter 2023 Results
-
A Look at Capital Spending By Company In First Half 2023; Budget Exhausion?