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Veritas Energy Partners

Company Summary

Description

Veritas Energy Partners, LLC is a Ft. Worth-based exploration and production company focused on the acquisition and development of oil and gas properties in the Midland Basin of West Texas. The Veritas management team, led by CEO Hollis Sullivan, has a proven track record of value creation in the upstream space having built, managed and monetized several operated oil and gas projects over multiple iterations. Veritas will use proceeds from the investment to build a material leasehold position in the Midland Basin and subsequently develop those assets via a vertical and horizontal drilling program.

Website

http://www.postoakenergy.com/?id=1#!current-invest...

Related Entities

Recent news

  • 11/17/2021 - Northern Oil & Gas... (subscriber access)
  • 10/3/2016 - Veritas Energy & Double... (subscriber access)

Company Transactions

Date: 2/15/2022
Type: Acquisition

BUYERS:
  • Northern Oil and Gas, Inc.
    • SELLERS:
  • Veritas Energy Partners
    • DETAILS:

    COST: 406.5 $MM

    VOLUMES: 11.5 MBOE/d

    NOTES:
    Northern Oil & Gas has entered into a deal to acquire non-operated Permian Basin assets from Veritas Energy affiliates for $406.5 million in cash. They will also issue Veritas 1.9 million common equity warrants at an exercise price of $28.30/share. The assets are currently producing 11.5 Mboe/d (60% oil) and it should average 10.5 Mboe/d throughout 2022.
    REGIONS:
  • Midland Basin
  • Delaware Basin