Lodestone Energy Partners II, a vertically integrated fund focused on opportunities in the conventional oil and gas space, has acquired assets from Hibernia Resources III, an acquisition and development company focused on the exploration, growth and production of oil and natural gas assets.
The assets span Reagan and Upton counties, Texas, with 85 conventional and 21 legacy horizontal wellbores. They will be operated by BCP Resources.
The acquisition was funded by partners in West Texas, combining private equity placement with a senior energy debt facility. AggieTech Capital, based in Midland, Texas, and Masked Rider Capital, based in Lubbock, Texas, anchored the equity placement. The debt facility was provided by Community National Bank of Midland.
“The Hibernia assets are an excellent fit with our strategic objective to expand our footprint of operated conventional assets in the Permian Basin,” said Barry Portman, managing partner at Lodestone and CEO at B
