Investment funds managed by Morgan Stanley Energy Partners (MSEP) and Presidio Investment Holdings LLC are partnering to acquire Anadarko Basin oil and natural gas assets in Texas and Oklahoma from Midstates Petroleum Co. Inc.
Midstates in April had said it was selling Anadarko assets to an undisclosed buyer for $58 million. According to Midstates, the properties sold had 4Q2017 production of 3,900 boe/d.
MSEP agreed to make a majority equity investment in entity Presidio Petroleum, which is headquartered in Fort Worth, TX. Presidio Petroleum was founded by Chris Hammack and Will Ulrich, who are co-CEOs.
MSEP supports “our vision of building an industry-leading operator of overlooked, developed oil and gas assets,” Hammack said. “We believe our relationship with MSEP will accelerate the growth of Presidio’s asset base across multiple basins where the Presidio management team has a long history of efficient and responsible operations.”
Presidio, said Ulrich, “was founded upon the philosophy of engineering efficiency. Our competitive advantage allows us to unlock the value of acquired oil and gas reserves through leading operational practices, modern development technologies, and the advancement and use of the digital oilfield.”
MSEP Managing Director Robert Lee said the private equity firm was looking forward “to shared success in the years ahead…”
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