One-Page Deal Sheet
California Resources, MIRA Ink $160 Million JV Deal
Macquarie Infrastructure and Real Assets (MIRA) California Resources Corp.
Announced Date
April 19,2017
Transaction Type
JV - DrillCo
Enterprise Value (EV)($MM)
160
Asset/Basin:
{"San Joaquin Basin"}
Transaction Details: Require Private Equity Subscription
California Resources has partnered with Macquarie Infrastructure and Real Assets (MIRA) for a strategic joint venture in which MIRA has committed to fund $160 million for the development of oil and gas properties in the San Joaquin Basin.
MIRA may increase its total investment to up to $300 million.
MIRA will fund 100 percent of the development wells in which it will earn a 90 percent working interest. CRC's working interest will revert from 10 to 75 percent upon MIRA achieving an agreed return.
Todd Stevens, President and CEO of CRC, noted, "We are pleased to partner with MIRA to bring…
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| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| May-21-2019 | Yuma Energy Sells California Assets as it Looks to Pay Down Debt | - |
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| Apr-10-2018 | California Resources Acquires San Joaquin Assets from Chevron | - |
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