DALLAS and ODESSA – BP Energy Partners LLC has closed on its acquisition of American Industrial Machine.
AIM is a regional provider of mission-critical repair and maintenance services for natural gas compressors operating in West Texas and New Mexico. The company specializes in repair, fabrication and critical parts supply for compressor infrastructure used in the transportation of natural gas. AIM exclusively focuses on aftermarket-based repair and maintenance service opportunities of regularly consumed parts as a result of continuous and remote operations. In addition to repair and maintenance, the company also manufactures and sells replacement components and parts offering its customers complete turnaround solutions that reduce costly downtime and optimize equipment performance. It has two full-service facilities in Odessa.
Battalion Oil acquired by Fury Resources
Battalion Oil Corp. has entered into an Agreement and Plan of Merger with Fury Resources Inc., pursuant to which Fury will acquire all of the outstanding shares of Common Stock of Battalion for $9.80 per share in cash, which represents a total transaction value of approximately $450 million.
The Preferred Stock of the company held by Luminus Management LLC and funds and accounts managed by Oaktree Capital Management, L.P., or their respective affiliates, will be contributed to the buyer in exchange for new preferred shares of Buyer, or sold to Buyer for cash, in each case at a valuation based on the conversion or redemption value of such Preferred Stock.
The transaction is expected to close in the first quarter of 2024, subject to various closing conditions. Such conditions include customary closing conditions, such as the approval of Battalion’s stockholders.
The acquisition of Battalion represents a return to the Delaware Basin for Fury’s team, which now includes Battalion’s former CEO Richard Little.
Battalion Oil Corp. is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
Fury Resources Inc. is a privately held exploration and production company focused on value creation through the acquisition and exploitation of assets in the Permian Basin.
Houston Natural Resources completes Pogo purchase
HOUSTON – Houston Natural Resources Corp. announced that its portfolio company HNR Acquisition Corp. has completed a business combination by purchasing all the equity interests in Pogo Resources LLC and its subsidiary, LH Operating LLC.
HNRA is now an independent oil and natural gas company focused on the acquisition, development, exploration and production of oil and gas properties in the Permian Basin. The company’s assets include its interest in the Grayburg-Jackson oil field in New Mexico. Pogo and LH Operating operated the Grayburg-Jackson field from early 2020 after acquiring the property in late 2019. The 2020 baseline production level was approximately 500 barrels of oil equivalent per day. LHO’s production has increased from the baseline 500 BOE to an average of 1,388 BOE per day for the nine months ended Sept. 30, 2023. All field production of the company is being sold under long-term contracts to various customers in the USA.
Following the acquisition, all of the experienced field personnel of LHO who achieved these results have remained with the company.
Read More: B&P Energy Partners, Fury Resources announce Permian acquisitions