Transaction is the third acquisition by Presidio since 2018 and represents an expansion from the western Anadarko Basin into the STACK play of central Oklahoma
Presidio Investment Holdings has announced that it has completed the acquisition of substantially all of the oil and natural gas producing properties of Templar Energy and certain affiliates in the Anadarko Basin. Presidio Petroleum is a leading oil and gas efficiency company founded to acquire, operate, and optimize producing oil and natural gas properties in the Anadarko Basin and other established U.S. onshore basins. The Company leverages engineering efficiency and the embedding of technology to improve decision-making, achieve best-in-class operations, and enhance free cash flow in an environmentally and socially responsible manner.
Chris Hammack, Co-Founder and Co-Chief Executive Officer of Presidio Petroleum, said, “We are pleased to expand our Anadarko Basin operations with the addition of Templar’s high quality assets spanning the western Anadarko Basin of Texas and Oklahoma to the STACK play of central Oklahoma. This acquisition is a logical extension of the asset optimization strategy we established upon founding Presidio, and we are excited to apply the knowledge gained from our previous two acquisitions in the Basin and decades of operational experience to unlock value responsibly from the Templar assets. We believe our extensive asset base, further enhanced by this acquisition, makes Presidio the logical consolidator of the Anadarko Basin.”
Will Ulrich, Co-Founder and Co-Chief Executive Officer of Presidio Petroleum, added, “Presidio was founded with a differentiated strategy of pursuing attractive risk-adjusted returns through operational excellence and capital-efficient growth via acquisition, not drilling activity. We are excited to have completed this transaction consistent with that strategy and welcome our new employees from Templar to the Presidio team. At Presidio, we view ourselves as the leading custodians of mature, long-lived oil and gas properties in the U.S., and we are confident in our ability to serve as responsible stewards while also achieving our financial and operational objectives.”
Robert Lee, Managing Director of Morgan Stanley Energy Partners, said, “We are delighted to make this second follow-on investment in support of further strategic consolidation in the Anadarko Basin. We believe Presidio’s prudent operational and risk management philosophy dating back to its inception has put the Company on solid footing to continue to execute on acquisitions in a highly dislocated energy market. We look forward to supporting the Presidio team as they implement their best-in-class operating practices on these assets.”
Headquartered in Fort Worth, Texas, Presidio Petroleum is a portfolio company majority-owned by investment funds managed by Morgan Stanley Energy Partners, the energy private equity business of Morgan Stanley Investment Management. This transaction represents the second add-on acquisition for the Company since MSEP’s initial investment in May 2018.
Source: Company Press Release