Oil & Gas News

Quantum Energy Commits $500MM for D-J Basin Deals

Quantum, Bison, Oil

By: HART Energy – Private equity firm Quantum Energy Partners is backing a new iteration of Bison Oil & Gas to pursue deals in the Denver-Julesburg Basin (D-J Basin), and the E&P has already acquired acreage and production through several deals.

Houston-based Quantum has committed more than $500 million in equity capital to form Bison Oil & Gas IV LLC, which will focus on acquiring and developing oil and gas assets the D-J Basin in Colorado and Wyoming, Quantum said on Feb. 22.

The announcement follows a number of other private equity funds that have announced new or additional financial backing for oil and gas portfolios in 2023.

Since being formed, Bison IV has closed on multiple acquisitions to purchase over 75,000 net acres with current production of more than 25,000 boe/d.

“We look forward to building on the prior successes of the Bison franchise with Quantum Energy Partners at Bison IV,” Bison IV CEO Austin Akers said in the Feb. 22  news release. “We at Bison believe the D-J Basin possesses some of the most economic development opportunities in North America, and we appreciate Quantum’s support to facilitate a consolidation of such an opportunity-rich basin.”

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Now in its fourth iteration, Denver-based Bison IV has a similar mission to its predecessor companies. The first Bison developed a D-J Basin portfolio and ended up selling to Extraction Oil & Gas Inc.

Bison Oil & Gas II also focused its portfolio on the D-J Basin before being acquired by Denver-based Civitas Resources Inc. for $300 million in cash last year. The Bison acquisition, which was originally valued at $346 million before being modified into an all-cash transaction, added 102 gross locations in the D-J Basin to Civitas’ portfolio.

Bison Oil & Gas III was formed in late 2019 to focus on opportunities in North Dakota. In June 2022, Bison III sold the majority of its holdings in the Bakken to an unnamed buyer. The company continues to hold certain non-operated interests in the D-J Basin in Colorado, according to Bison’s website.

All three of the previous Bisons were backed by Houston-based Carnelian Energy Capital Management LP.

“We are pleased to partner with Austin Akers, David Gonzales, and the broader Bison team,” said Quantum managing director Alex Jackson. “We have followed Bison closely for many years and they have proven to be exceptional entrepreneurs, high-quality operators of unconventional resources, and responsible stewards of their assets.”

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