Brigham Exploration Acquires Great Western Drilling Ltd.'s Non-Operated Assets in the Permian Basin
AUSTIN, Texas, Dec. 17, 2024 /PRNewswire/ -- Affiliates of Brigham Exploration ("BEXP"), a leading non-operated oil & gas company, announced today the acquisition of Great Western Drilling Ltd.'s ("GWDC") non-operated assets in Texas and New Mexico. The combination of the acquired assets and BEXP's existing portfolio creates one of the largest private non-operated footprints in the Permian Basin.
Acquisition Highlights
- Over 7,000 net acres in the Delaware and Midland Basin, located primarily in Eddy and Lea Counties, New Mexico, and Martin, Midland, Loving, and Winkler Counties, Texas
- August 2024 net production of ~2,700 boe/d from ~29 net producing wells
- Pro forma balance sheet is expected to remain strong with a leverage ratio below 1.0x
- The acquisition closed on November 22, 2024 with an effective date of April 1, 2024
Combined Asset Position
The acquisition is consistent with BEXP's strategic focus on core, high-quality properties with low geologic risk in the Permian Basin. Pro forma for the acquisition, BEXP's average net daily wellhead production is estimated to be ~15,500 boe/d in August 2024 from a combined ~79 net producing wells, including assets from both of BEXP's private funds.
Management Comments
"This acquisition marks a significant milestone in BEXP's growth strategy," said Bud Brigham, BEXP's Executive Chairman. "We believe this differentiated asset that was built over generations complements our existing asset base and enhances our Delaware and Midland Basin positions, which are diversified geographically and geologically across experienced operators in the Permian." Keith Lilie, President & CEO, commented, "This acquisition aligns with BEXP's overall portfolio strategy and meets the stringent criteria of our disciplined approach to evaluating acquisition opportunities."
BEXP funded the acquisition with existing equity commitments, a new credit facility led by BOK Financial, and existing cash on hand.
Advisors
Vinson & Elkins LLP served as legal counsel to BEXP.
Redfield Energy Advisors served as financial advisor and Lynch, Chappell & Alsup served as legal counsel to GWDC.
About BEXP
BEXP is a premier non-operated oil & gas acquisition and management company focused on assets in the Permian Basin of Texas and New Mexico. BEXP was founded in 2017 by its General Partner, Bud Brigham. Mr. Brigham has significant experience in the oil and gas industry, having founded seven companies since 1990.
For more information, please see brighamexploration.com or [email protected].
About The Brigham Platform
The Brigham Platform is an independent platform of oil and gas companies based in Austin, Texas led by Bud Brigham. With over 30 years of industry experience, Bud Brigham has founded and successfully grown multiple energy enterprises, including three of which have successfully IPO'd and three of which have had successful exits totaling over $9 billion. The Brigham Platform currently consists of four enterprises, each with a dedicated management team and a unique strategy, collectively aiming to capitalize on the long-term prospects for traditional energy sources while prioritizing innovation, capital discipline, and operational efficiency. Among its enterprises are Atlas Energy Solutions (NYSE:AESI), BEXP (non-operated oil & gas), Brigham Royalties (minerals & royalties), and Langford Energy Partners (operated oil & gas).
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SOURCE Brigham Exploration