BlackGold Capital Management LP (“BlackGold”), a private credit investment firm focused on the energy industry, today announced the acquisition of a portfolio of Overriding Royalty Interests (ORRI) in the Utica shale of Ohio.
Image: Onshore drilling. Photo: courtesy of Stuart Miles/Freedigitalphotos.net.
The acquisition was completed in conjunction with co-investors.
The ORRI will provide investors a portion of the revenue from natural gas production. BlackGold has also partnered with an established management team with a track record of investing in ORRIs.
“The energy sector is in a multi-year transition and the industry remains under stress,” said Adam Flikerski, co-founder of BlackGold. “We believe there is strong demand for us to fill a gap left by banks and provide capital to middle market energy companies, as evidenced by our robust pipeline of funding opportunities.”
Erik Dybesland, co-founder of BlackGold added, “Given the demand for capital in the energy industry and traditional sources curtailed, we believe that our platform provides the skills necessary to source opportunities, provide creative solutions for companies, and deliver solid outcomes for our institutional partners.”
BlackGold Capital Management, founded in 2006, has invested over $7.5 billion in both public and private energy companies, across upstream, midstream, and oil field services.
Source: Company Press Release