News
Hawkwood Energy Announces Acquisition by WildFire Energy
Denver, Colorado and Houston, Texas – July 8, 2021
Hawkwood Energy LLC (“Hawkwood”), an independent exploration and production company, announced today that is has entered into definitive agreements to be acquired by WildFire Energy I LLC (“WildFire”), an independent energy platform company. The transaction attributes an enterprise valuation to Hawkwood of approximately $650 million. Following the transaction Hawkwood’s existing shareholders will retain a ~50% equity interest in WildFire, alongside ~50% held by WildFire’s management team and private equity sponsor Kayne Anderson.
Hawkwood Energy is an independent exploration and production company focused on economically developing oil and natural gas resources, with current liquids-weighted production of approximately 15,000 gross equivalent barrels per day spanning 160,000 net acres in the Eagle Ford Basin of East Texas. WildFire Energy is an independent energy platform company formed to acquire and optimize production-weighted oil and gas assets, and is led by CEO Anthony Bahr, President/COO Steve Habachy and CFO Drew Cozby. The combined entity will retain the WildFire Energy name. Postclosing, the WildFire team will operate the assets and bring to bear extensive experience in the Eagle Ford, having previously managed WildHorse Resource Development Corp. until its sale to Chesapeake Energy in 2019 for nearly $4 billion.
In addition to pairing a world-class operating team with Hawkwood’s assets, a significant equity investment from Kayne Anderson and WildFire Energy’s management team willsubstantially de-lever the company. “Enabled by its strong balance sheet, WildFire will actively pursue attractive risk/reward opportunities both through the drill-bit and via accretive acquisitions. We look forward to continuing our partnership with the WildFire team as they enter this next stage,” said Mark Teshoian, Managing Partner at Kayne Anderson.
“We are proud of what Hawkwood has accomplished since entering the Eagle Ford and believe that joining with WildFire is the next logical step in our evolution,” said Jim Addison, CEO of Hawkwood. “We are impressed by the team’s extensive knowledge of and experience in this basin and are excited for the opportunities that lay ahead.”
“We look forward to leveraging our prior experience as neighbors to Hawkwood to continue the team’s track record of efficient, profitable operations,” said Anthony Bahr, CEO of WildFire. “The improving environment for oil and gas presents exciting opportunities for WildFire and we are pleased to have the backing of our sponsors to go pursue them.”
The transaction is expected to close in the third quarter of 2021.
About Hawkwood Energy
Hawkwood Energy is an independent exploration and production company focused on economically developing oil and natural gas resources in East Texas. Based in Denver, Hawkwood was founded in 2012 with a line-of-equity commitment from lead investors Warburg Pincus and Ontario Teachers' Pension Plan. Hawkwood entered East Texas in 2014, since then accumulating over 160,000 net acres of high quality, contiguous Eagle Ford acreage. Today Hawkwood operates approximately 360 wells with gross production of approximately 15,000 boe/d. Hawkwood was ranked by Hart Energy’s Oil & Gas Investor (July 2019) as a top 100 private E&P and the #3 private Operator in the Eagle Ford play in terms of production.
About WildFire Energy
WildFire Energy is an independent energy platform company pursuing production-weighted oil and gas assets in onshore US basins, seeking to efficiently optimize and develop reserves using modern technologies and its extensive operating experience.
WildFire Energy was formed in 2019 with funding from Warburg Pincus, Kayne Anderson, and management.
Media Contact:
Drew Cozby CFO, WildFire Energy drew@wildfire-energy.com
JONES ENERGY II, INC. ENTERS INTO DEFINITIVE MERGER AGREEMENT TO BE ACQUIRED BY REVOLUTION RESOURCES
AUSTIN, TX – December 6, 2019
Jones Energy II, Inc. (OTC: JEII) (“Jones Energy” or the “Company”) today announced that it has entered into a definitive merger agreement to be acquired by Revolution II WI Holding Company, LLC (“Revolution”), an affiliate of Mountain Capital Partners, LP (“Mountain Capital”), in an all-cash transaction valued at approximately $201.5 million. Under the terms of the merger agreement, which has been unanimously approved by the Jones Energy Board of Directors (the “Board”) and a majority of the Jones Energy stockholders, Jones Energy stockholders will receive approximately $14.11 in cash for each share of Jones Energy Class A common stock or each unit of Jones Energy Holdings II, LLC they own, as applicable. The transaction is expected to close in the first quarter of 2020.
Jones Energy’s Chairman of the Board Mr. Jim Addison remarked, “We are pleased to reach this comprehensive agreement with Revolution. This announcement marks the completion and successful outcome of the Board’s extensive strategic alternatives process, which has been underway since earlier this year. Throughout the course of our exhaustive review, we engaged in meaningful strategic dialog with a significant number of potential counterparties. Ultimately, the Board unanimously determined that an all-cash transaction with Revolution is in the best interests of our shareholders and the Company and will deliver the strongest economic value relative to the comprehensive range of alternatives we examined.”
Evercore and TD Securities (USA) LLC are serving as financial advisors to Jones Energy, and Baker Botts L.L.P is serving as its legal counsel. Kirkland & Ellis LLP is serving as legal counsel for Revolution.
About Jones Energy
Jones Energy is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko basin of Oklahoma and Texas. Additional information about Jones Energy may be found on the Company’s website at: www.jonesenergy.com.
About Revolution
Revolution is an Oklahoma City based, independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Mid-Continent region of the United States. Revolution is an affiliate of Mountain Capital Partners, LP, an energy focused private equity fund based in Houston, Texas with approximately $1.0 billion in assets under management.
Investor Contact: Jones EnergyPage Portas, 512-493-4834ir@jonesenergy.com