Lodestone Energy has acquired assets from Hibernia to be operated by BCP Resources.
The acquisition of conventional oil and gas assets supports Lodestone’s long-term goal.
“The Hibernia assets are an excellent fit with our strategic objective to expand our footprint of conventional assets in the Permian Basin,” stated Barry Portman, Lodestone’s managing partner and CEO of BCP Resources. “We’re privileged that Hibernia has placed their trust in us, and we’re thrilled to continue the high-quality operation and expansion of these assets alongside Hibernia as they continue their growth strategy as a leading oil producer in the Midland Basin.”
The acquisition was funded by partners local to West Texas, combining private equity placement with a senior energy debt facility. AggieTech Capital and Masked Rider Capital anchored the equity placement, and the debt facility was provided by Community National Bank.
Red Oaks Energy Advisors represented Hibernia’s sale of the assets. Field, Manning, Stone, Hawthorne & Aycock P.C. and Nixon Legal Group PLLC represented Lodestone Energy and BCP Resources, and Mani Little & Wortmann PLLC served as legal counsel to Hibernia.