WildFire Energy Announces Eagle Ford Acquisition

Source: www.gulfoilandgas.com 5/20/2024, Location: North America

WildFire Energy I LLC ("WildFire"), today announced that it has entered into a definitive agreement for the acquisition of approximately 237,000 net acres and interests in 465 wells in the East Texas Eagle Ford from Apache Corporation and subsidiaries. With the acquisition, WildFire ≠≠will operate more than 2,000 gross wells on over 850,000 net acres in the eastern Eagle Ford encompassing Fayette, Bastrop, Lee, Austin, Washington, Burleson, Brazos, Milam, Robertson, Madison, and Grimes counties of Texas. In addition, WildFire's total position includes approximately 550,000 net acres prospective for the Austin Chalk as well as acreage in the Woodbine, Buda, and Georgetown formations.

In Q1 2024, the acquired Apache assets averaged net daily production of approximately 11,000 barrels of oil equivalent (Boe) (67% liquids). WildFire estimates unaudited, net proved reserves were approximately 40 million barrels of oil equivalent (MMboe) as of December 31, 2023. Pro forma for the acquisition, WildFire's net daily production will surpass 50,000 barrels of oil equivalent (85% liquids).

The Apache acquisition follows WildFire's acquisition of Chesapeake Energy Corporation's Brazos Valley region assets in the eastern Eagle Ford in March 2023 and allows WildFire to capitalize on its existing infrastructure and scale in the region. WildFire previously acquired MD America Energy, LLC in March 2022 and Hawkwood Energy, LLC in August 2021, which began the process of consolidating the eastern Eagle Ford basin.

"This acquisition of adjacent assets presented us with a strategic opportunity to continue consolidating the basin," said Steve Habachy, President and Chief Operating Officer of WildFire. "With a total of more than 850,000 net acres, we have built a premier contiguous asset base, making WildFire the largest operator in the entire Eagle Ford trend."


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