Flush with more equity, Denver-based FourPoint Energy LLC said it has completed a $188 million acquisition in the Texas portion of the Anadarko Basin.

Private equity giant Quantum Energy Partners agreed to invest $489 million in FourPoint, making it one of the largest unitholders. Existing equity holders also invested $36 million, bringing total equity raised to $525 million. Funds managed by GSO Capital Partners LP and Quantum now are controlling members.

"This new equity provides significant liquidity for the company to continue to grow through strategic acquisitions in the Anadarko and Permian Basins while executing on our active drilling program in the Anadarko Basin," said FourPoint CEO George Solich.

FourPoint bought into some jointly owned Texas properties in Wheeler and Hemphill counties from an undisclosed seller. More than 800 wells are included in the purchase, including 610 that it would operate.

"Once we integrate these upstream and midstream assets into our already robust Anadarko position, FourPoint is poised to accelerate its drilling program exploiting 21 separate targets over more than 6,000 feet of column on our over two million gross acre footprint," said COO Kamil Tazi.

The acquisition also adds control to FourPoint of an integrated midstream system in the Anadarko. Proforma, FourPoint would operate more than 530 MMcfe/d, control 300 miles of pipe, and have 10,000-plus drilling locations on the predominantly held-by-production acreage.

FourPoint, which today is running five rigs in the Anadarko, has been trained on the basin for more than two years following key acquisitions from Chesapeake Energy Corp. Executives indicated in 2016 they would continue to pursue bolt-on deals.

Solich, who began his career in 1984 as a landman with Apache Corp., formed FourPoint in 2013. FourPoint used the market downturn to build a market leading position in the western Anadarko, noted GSO President Dwight Scott.

"We are excited about partnering with George Solich and the FourPoint management team,” said Quantum President Dheeraj Verma. “We believe they have built an impressive company over the last few years and demonstrated the increased profitability and potential of the Western Anadarko Basin through their strong emphasis on technical and operating excellence. We look forward to partnering with the existing investors to help the company execute on its strategic objectives.”