Vitol’s US upstream company, Vencer Energy LLC (“Vencer”), has today announced it has agreed to acquire Hunt Oil Company’s Midland Basin assets for an undisclosed sum. It is Vencer’s first acquisition since it was established by Vitol last year.
The assets comprise 44,000 acres across five counties in the Midland Basin, with current daily production of approximately 40 mboepd.
Don Dotson, President and CEO, Vencer said: “We are delighted with this acquisition which realizes our vision for Vencer as the owner of quality, mature, producing assets with attractive development opportunities. We look forward to working with our new colleagues.”
Ben Marshall, Head of Americas, Vitol added: “This is an important day for Vencer as it establishes itself as a significant shale producer in the US Lower 48. We expect US oil to be an important part of global energy balances for years to come, and we believe this is an opportune time for investment into an entry platform in the Americas. Vitol has a long history of investing in quality upstream assets, and we are pleased to add this business to our global portfolio. This acquisition represents an initial step to building a larger, durable platform in the US Lower 48.”
Simmons Energy acted as financial advisor and Latham & Watkins acted as legal advisor to Vencer.