Point Energy Partners II Completes $1.1 Billion Sale to Vital Energy
FORT WORTH, Texas--(BUSINESS WIRE)--Sep 23, 2024--
Point Energy Partners II ("Point Energy") today announced the completion of its previously announced $1.1 billion all cash sale of its assets to Vital Energy, Inc. (NYSE: VTLE) ("Vital") and Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”). Point Energy is a portfolio company of Vortus Investments Advisors .
Point Energy is proud to announce a significant milestone in its operational journey, having increased production from an initial 300 net barrels of oil equivalent per day (boepd) to over 40,000 net boepd over a span of six years. This impressive growth underscores Point Energy’s commitment to innovation and excellence in the oil and gas sector.
"This incredible achievement would not have been possible without our remarkable staff and team members who have all contributed to our success. Their dedication and expertise have been instrumental in driving our growth and innovation,” said Bryan Moody, CEO of Point Energy Partners. “We have enjoyed collaborating with and look forward to watching Vital and NOG build upon the success achieved to date on these assets.”
Since its initial acquisition, Point Energy has maintained a focus on optimal development of its assets, including the implementation of 15,000-foot laterals and industry leading completion designs, significantly enhancing the efficiency and productivity of its Delaware Basin resources. The company advanced the development of the 1 st Bone Spring and Wolfcamp C targets in its area of the basin, setting industry standards for future exploration and production.
In addition to bolstering production, Point Energy strategically built midstream and mineral assets to complement the capital efficiency of its operations. This opportunistic approach has allowed the company to optimize resource management and enhance overall asset value.
John Sabia, Senior Partner of Point Energy Partners stated, “The support of our financial partners at Vortus Investment Advisors and our many banking partners was integral to our ability to successfully navigate and benefit from multiple commodity price cycles, culminating in a very positive exit for all parties.”
Vortus Co-Founders and Managing Partners Brian Crumley and Jeffrey Miller commented, “The tremendous growth and value creation under the leadership of Bryan Moody and John Sabia in building an industry leading and scalable operation has its success rooted in their backgrounds as U.S. military veterans. Their veteran backgrounds have also been reflected, since inception, in the Point Energy name and logo. We are proud to be partners with Point Energy on this and other investments for the benefit of Vortus and its partners.”
As Point Energy continues to evolve, the company remains committed to advancing sustainable practices and exploring new opportunities for growth within the energy sector.
About Point Energy Partners
Founded in 2017, Point Energy Partners is a premier oil and gas company focused on developing the prolific resources of the Permian Basin. Point Energy is one of the largest private unconventional shale producers in the Texas Delaware Basin. Point Energy employs the highest caliber professionals to lead with innovation and efficiency to provide better tomorrow for our financial partners, communities and the needed energy security for the American people. For more information about Point Energy, please visit www.pointep.com.
About Vortus Investment Advisors
Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower to middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit www.vortus.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240923664211/en/
CONTACT: Point Energy Partners:
Keri Mitchell, Vice President of Finance
KeriM@pointep.com
682-207-4126
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: MARITIME ENERGY TRANSPORT OIL/GAS
SOURCE: Point Energy Partners II
Copyright Business Wire 2024.
