Presidio Petroleum is preparing to enter the public markets through a strategic merger with EQV Ventures Acquisition Corp, signaling a renewed investor appetite for mature oil and gas assets. The deal is expected to position Presidio as a dividend-focused operator with a significant footprint across the Midcontinent.
Headquartered in Fort Worth, Presidio has built a portfolio of more than 2,000 producing wells, concentrated heavily in the Texas Panhandle, with additional holdings in Oklahoma and Kansas. The company forecasts average production of 26,000 barrels of oil equivalent per day this year, primarily from legacy assets.
The transaction values the combined enterprise at approximately 660 million dollars and marks a significant step for Presidio, which was founded in 2017 with the goal of maximizing value from mature wellbores. The company’s leadership, including co-CEOs Will Ulrich and Chris Hammack, will remain in place post-merger.
EQV Ventures, a blank-check company backed by Oklahoma City-based EQV Group, raised 350 million dollars through its IPO in August of last year. The group is led by energy finance veteran Jerry Silvey, who emphasized the alignment between Presidio’s operational focus and EQV’s investment thesis.
“This partnership creates a platform that delivers yield and scale, with an experienced team already executing in the field,” Silvey said in a statement on August 5.
Strategic Consolidation in the Panhandle
As part of the transaction, Presidio is acquiring additional assets in the Texas Panhandle from EQV Resources LLC, a related entity under EQV Group. That deal is valued at roughly 59 million dollars and will be folded into the larger SPAC merger.
The merged company, to be renamed Presidio Production Co, plans to list on the New York Stock Exchange under the ticker “FTW.” On a combined basis, it will produce nearly 15,000 barrels per day of oil, more than 385 million cubic feet per day of natural gas, and over 33,000 barrels per day of NGLs.
To support the transaction, EQV has secured around 85 million dollars in external equity commitments, including investment from a major oil company. An additional 65 million dollars will come from the reinvestment of shares by Presidio management and Morgan Stanley Energy Partners. Presidio has also arranged a 50 million dollar reserve-based credit facility with Citizens Bank.
In total, the deal includes approximately 479 million dollars in transaction value, inclusive of investment-grade ABS debt. Another 360 million dollars from EQV’s trust account will enhance liquidity and acquisition capacity for the newly formed public company.
Positioned for Growth Through Acquisition
Presidio sees opportunity for scale through further consolidation of proved developed producing assets. The company has identified about 1.4 billion dollars in actionable PDP targets within its core Panhandle region. EQV estimates that over 75 billion dollars in upstream assets, currently held by private equity, could be available over the next five years as fund timelines reach maturity.
Beyond this deal, EQV Group is already preparing for its next move. The firm recently launched a second SPAC, EQV Ventures Acquisition Corp II, with the goal of raising another 350 million dollars. This vehicle is designed to pursue opportunities across the global energy sector, including international assets outside of oil and gas.
Broader Market Signals
The Presidio-EQV deal comes as several public companies continue to focus on PDP-heavy strategies to drive stable cash flow and dividends. In July, Mach Natural Resources announced a 500 million dollar acquisition of mature Permian assets from Sabinal Energy. Earlier this summer, Diversified Energy and Carlyle revealed a 2 billion dollar plan to target similar assets across the Lower 48.
As private equity timelines converge with market demand for steady returns, Presidio’s public debut reflects a broader pivot toward asset longevity, operational discipline, and investor-friendly capital structures.
