With this acquisition, the Warwick team builds on its existing deep technical and commercial experience in the Eagle Ford
Warwick Investment Group Acquires Rosewood Eagle Ford Assets. (Credit: Dr StClaire from Pixabay.)
Warwick Investment Group announced it closed an agreement to acquire operated oil and gas assets in Texas’s Eagle Ford Shale from Rosewood Resources. The combined purchase price and anticipated development capital represents an incremental ~$450MM commitment to the Eagle Ford for Warwick. The acquisition is poised to deliver both short and long-term value due to the acreage’s balanced mix of current production and near-term future development.
Current oil production and near-term development will provide Warwick exposure to oil prices and the recovery in oil demand observed in the persistent decline in US oil inventories. As the world continues to diversify its fossil fuel consumption to become more sustainable, Warwick’s future development of the Rosewood asset will be focused on natural gas and natural gas liquids to provide fuel for power consumption and feedstock for chemicals and plastics.
With this acquisition, the Warwick team builds on its existing deep technical and commercial experience in the Eagle Ford. Warwick Athena, a company managed by Warwick, immediately offsets the Rosewood asset. “This asset sits well within Warwick’s investment criteria targeting current production, future drilling inventory and diversified commodity streams. We believe this acquisition represents a strong risk-adjusted return on deployed capital for our investors and welcome this asset to the Warwick portfolio,” said Ian Rainbolt, Co-CIO of Warwick Investment Group.
“Rosewood grows Warwick’s exposure to world-class, geologically diversified and de-risked reservoirs. We congratulate the Rosewood team on their work on this asset and look forward to growing Warwick’s exposure to the Eagle Ford.” said Kate Richard, CEO of Warwick Investment Group.
Source: Company Press Release