BCP Resources Acquires Permian Basin Producing Properties

Rhea-AI Summary

BCP Resources, LLC has closed on the acquisition of assets from a subsidiary of Chord Energy Corporation. The assets include 16 fields in the Permian Basin of West Texas, with stable cash flow and low decline rate production. The acquisition adds 1.3 MMBOE of net PDP reserves with 84% liquids.

Positive

• BCP Resources has acquired top tier assets in the Permian Basin, adding 1.3 MMBOE of net PDP reserves with 84% liquids. The acquisition provides stable cash flow and low decline rate production, positioning the company for future development.

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• None.

MIDLAND, Texas, June 8, 2023 /PRNewswire/ -- BCP Resources, LLC ("BCP" or the "Company") today announced it closed on the acquisition of assets from a wholly-owned subsidiary of Chord Energy Corporation (NASDAQ: CHRD) that span 16 fields located in the Permian Basin of West Texas, most of which are on the Central Basin Platform.

BCP Resources is a Midland based operator focused on conventional growth and the assets are a strategic fit, delivering stable cash flow and low decline rate production from proven reservoirs with significant life remaining. Operations include 153 producing wells across six counties in Texas, with the majority focused to the Central Basin Platform in Winkler County, all carrying a significant acreage position for future development as well as multiple secondary and tertiary recovery targets. Non-operated properties and mineral interests are also part of the acquisition with the majority in Texas but also including New Mexico, Oklahoma, and Michigan. In total, the acquisition adds 1.3 MMBOE of net PDP reserves with 84% liquids. 

"These properties are top tier assets that helped build the Permian Basin that we live and work in today and we are happy to keep them producing for years to come," stated Barry Portman, BCP Resources CEO. "We had the opportunity to work out a deal with an excellent company that provided us with the ability to expand. Projects like this one continue the meaningful contribution the Permian Basin makes to our country every day."

A senior energy debt facility was provided by Community National Bank of Midland, and Stubbeman, McRae, Sealy, Laughlin & Browder Inc. in Midland represented BCP Resources in the acquisition.

About BCP Resources, LLC

BCP Resources is privately funded and operates existing assets for BCP Corporation and Lodestone Energy Partners. The Permian Basin operated asset base is projected to grow significantly as acquisition opportunities are evaluated, utilizing decades of experience to make strategic additions that fit the legacy investment model and generate top-tier returns. For more information, please visit the Company's website at www.bcpresourcesllc.com.

Media Contact

Cindy Portman
Media Relations
Ph 432-243-3903
c.portman@bcpcorporation.com

View original content:https://www.prnewswire.com/news-releases/bcp-resources-acquires-permian-basin-producing-properties-301846148.html

SOURCE BCP Resources LLC

FAQ

What assets did BCP Resources acquire?

BCP Resources acquired assets from a subsidiary of Chord Energy Corporation, including 16 fields in the Permian Basin of West Texas.

What is the significance of the acquisition?

The acquisition adds 1.3 MMBOE of net PDP reserves with 84% liquids, providing stable cash flow and low decline rate production for BCP Resources.

Who provided the energy debt facility for the acquisition?

The senior energy debt facility was provided by Community National Bank of Midland.

Who represented BCP Resources in the acquisition?

Stubbeman, McRae, Sealy, Laughlin & Browder Inc. in Midland represented BCP Resources in the acquisition.