Northwoods owns highly productive assets located in the Powder River Basin, producing approximately five thousand barrels of oil equivalent
OneRock Energy announces acquisition of Northwoods Energy in Powder River Basin. (Credit: Brigitte Werner from Pixabay)
OneRock Energy Holdings, LLC (“OneRock”) today announced that it has entered into a definitive purchase agreement to acquire Northwoods Management Company and certain related entities (collectively, “Northwoods”).
Northwoods owns highly productive assets located in the Powder River Basin, producing approximately five thousand barrels of oil equivalent. The asset encompasses an extensive expanse of over 160,000 predominantly contiguous net acres of leasehold interests in Converse, Campbell and Johnson Counties in Wyoming. The transaction remains subject to customary terms and conditions and is expected to close in the third quarter of 2023, with an effective date of June 1, 2023.
“We consider this acquisition to be a pivotal move for OneRock, solidifying our position with a robust presence in resource-rich unconventional plays,” stated Daniel Fan, Partner and Head of North American E&P Investments at Pan Management. “It represents a crucial component of our growth strategy into the E&P business, while concurrently expanding our commodity optionality and seamlessly aligning with Pan Management’s overarching investment strategy. We anticipate leveraging the OneRock platform to acquire further assets and strategically expand our footprint.”
Willkie Farr & Gallagher LLP acted as legal advisor to OneRock.
Source: Company Press Release