Our client, an oil and gas company, is seeking an acquirer for its business, which includes the holding of mineral leases covering 5,860 acres in the Santa Maria Valley, California. The property has been an active producer since the 1950s and hosts a proven recoverable oil reserve of 10.367 million barrels.
The Permian Basin was producing under 1.5 million barrels per day in 2013 and is now expected to reach 2.5 million bpd in 2017. Private equity investment in the region has also grown, with roughly $28 billion in PE deals announced in 2016 alone.
Fracking and related service companies are getting busier in Alberta as the oil and gas industry in general appears to be responding to improved energy prices. But, be cautious. This is just the beginning of the rebound and it may be a long, slow recovery to industry wide sustainable profits.
Jay Richardson, Managing Director of Range Corporate Advisors, was appointed this month Interim CEO and President of Darnley Bay Resources. This mandate follows his successful Interim CEO position with Liberty […]