Presidio Investment Holdings LLC (“Presidio Petroleum”, “Presidio”, or the “Company”) announced today that it has completed its acquisition of all the oil and natural gas producing properties in the western Anadarko Basin of Texas, Oklahoma, and Kansas from Apache Corporation and its affiliates (APA). Presidio Petroleum is a portfolio company majority owned by investment funds managed by Morgan Stanley Energy Partners (“MSEP”), the energy private equity business of Morgan Stanley Investment Management. This transaction represents the first add-on acquisition for the Company since MSEP’s initial investment in May 2018.
Following the acquisition by Red Wolf Natural Resources, LLC, this marks the second divestment by Apache in Oklahoma over last 90 days.
Headquartered in Fort Worth, Texas, Presidio Petroleum is a leading oil and gas efficiency company founded to acquire, operate, and optimize producing oil and natural gas properties in the Anadarko Basin and other established U.S. onshore basins through engineering efficiency and the embedding of technology to facilitate best-in-class operations, improve decision-making, and drive profitable growth.
Chris Hammack, Co-Founder and Co-Chief Executive Officer of Presidio Petroleum, said, “We are thrilled to add Apache’s high quality western Anadarko Basin assets to our portfolio and are excited to welcome the outstanding team responsible for operating these assets at Apache to the Presidio family. Apache has done a tremendous job assembling and developing these properties, and we are eager to leverage Presidio’s existing operations and expertise in the Basin, strengthened by the addition of Apache’s field operations team, to further enhance the assets.”
Will Ulrich, Co-Founder and Co-Chief Executive Officer of Presidio Petroleum, added, “The industrial logic of combining Apache’s western Anadarko Basin properties with our existing operating footprint in the Basin is tremendously compelling. We believe Presidio is very well positioned to integrate this transaction efficiently, instill industry-leading operating practices that underpin value creation, and expand on the asset optimization playbook we’ve successfully implemented across our existing business these past 12 months.”
Robert Lee, Managing Director of Morgan Stanley Energy Partners, said, “We’re excited to sponsor disciplined consolidation in the western Anadarko Basin through this follow-on investment in support of the differentiated strategy being pursued by the Presidio team. We believe Chris Hammack and Will Ulrich have proven their ability to unlock value in mature oil and gas properties, and we look forward to further collaboration and profitable growth of the Company with this outstanding team.”
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