Terra Energy Partners to Acquire Ursa Piceance Basin Assets for $60 Million

December 11, 2020 Stu Turley Bankruptcy, Finance, M & A
Terra Energy Partners -EneryNewsBeat.com

Terra Energy Partners LLC has agreed to purchase assets from bankrupt Ursa Piceance Holdings LLC and various subsidiaries for $60 million, according to bankruptcy documents.

A federal bankruptcy judge in Delaware approved the sale in November. The deal is expected to close on Dec. 22 or soon after.

Ursa Resources, backed by Denham Capital, holds about 41,000 net acres of oil and gas properties in the Piceance Basin. The acreage is concentrated in Boies Ranch, Battlement Mesa and other areas. Ursa reported owning 579 gross wells producing natural gas, NGL and oil. In June, the company averaged about 75 MMcfe/d of production.

Terra Energy Partners is a privately-held oil and gas exploration and production company founded in early 2015. The Houston-based company partnered with Kayne Anderson and Warburg Pincus in early 2016 following its purchase of Piceance Basin assets from WPX Energy Inc. The WPX deal, worth $910 million, included about 200,000 net acres with 11,000 gross drilling locations in Colorado.

 

About Stu Turley 3365 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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