TULSA, Okla.--(BUSINESS WIRE)--Triple Crown Energy LLC (Triple Crown), an oil and gas exploration and production company based in Tulsa, Oklahoma, announced today that it has closed a pair of drilling joint ventures with U.S. Energy Development Corporation (U.S. Energy) and Millennial Energy Partners, LLC (Millennial), and plans to drill up to 24 wells on its Kansas acreage holdings in the next 12 months.
“Developing our core Kansas holdings with two experienced industry players brings complementary strengths to the table, and that gives us a competitive advantage in Kansas,” said Chase Williams, a Triple Crown principal. “Our team performed extensive technical analysis of our assets and, together with our partners, we have developed what we believe are very promising initial drilling locations,” Williams added.
The first joint venture with U.S. Energy features the sale of a 50% working interest on approximately 2,500 net acres in Hodgeman and Ness Counties, Kansas.
“The joint venture with Triple Crown is consistent with our strategy of rapid, prudent expansion across a variety of plays,” said Jordan Jayson, the CEO of U.S. Energy. Jayson added, “We have great confidence in the Triple Crown team and believe that the partnership with our team will enhance drilling results.”
Triple Crown’s second partner is Millennial Energy Partners, LLC, with the joint venture featuring the sale of a 25% working interest on approximately 10,000 net acres in Hodgeman, Ness and Gove Counties, Kansas, inclusive not only of the U.S Energy joint venture acreage but also of additional acreage.
“We are thrilled at the opportunity to partner with Triple Crown in Kansas, and this investment is consistent with one of our core strategies – forming strategic partnerships with proven oil and gas operators,” said Philip Gayle, executive vice president of Millennial Energy Partners.
Each joint venture was structured as a “cash and carry” joint venture in order to launch Triple Crown’s vertical drilling program in Kansas. The terms provide that development efforts could extend to all of Triple Crown’s approximately 40,000 net acres in Kansas. Triple Crown will operate the assets and drilling operations are already underway.
Michael De Voe Piazza of Willkie Farr & Gallagher and Chris Miller of Bracewell & Giuliani led the representation of Triple Crown Energy on the joint ventures while Alan Laurita of Hodgson Russ led the representation of U.S. Energy and John Grand of Vinson & Elkins led the representation of Millennial Energy Partners.
About Triple Crown Energy
Triple Crown Energy LLC is an independent, privately held Tulsa, Oklahoma-based oil and gas company led by a father-son management team with extensive experience in acquiring, owning, developing and operating oil and gas properties in a variety of oil and gas plays. Doyle Williams, a principal at Triple Crown, has four decades of experience in the oil and gas industry as an independent E&P operator with various executive positions. His primary responsibilities at Triple Crown include managing operations, drilling, engineering and production. Chase Williams spent nine years at Chesapeake Energy Corporation before joining Triple Crown in 2011. His primary responsibilities at Triple Crown include business development and managing acquisitions and divestitures. Triple Crown has also developed a substantial mineral buying business that is currently most active in Ohio and West Virginia. For more information: http://www.triplecrownenergy.com/
About U.S. Energy Development Corporation
Based in Buffalo, New York, U.S. Energy has pioneered a unique project development approach that began in 1980 and is focused on drilling, acquisition and joint venture opportunities. U.S. Energy was recognized as one of the nation’s Fastest Growing Private Companies by Inc. Magazine for 2009, 2010, 2011, 2012 and 2013 and is involved in projects throughout the United Stated, including in the Bakken, Barnett, Wolfberry, Eagleford, Hunton, Mississippian and Marcellus. Since the early 2000s, U.S. Energy has deployed more than $725 million and has invested, operated, and/or drilled more than 3,000 wells throughout 12 states and Canada. For more information: http://www.usenergydevcorp.com/
About Millennial Energy Partners
Millennial Energy Partners, LLC, an independent oil and gas company based in Houston, Texas, acquires high-quality non-operated oil and gas assets in the United States. Millennial Energy Partners made the investment through Millennial PDP Fund V, the fund it closed on June 9, 2014. The Triple Crown joint venture is one of several investments that Millennial has made since the fund closing. Millennial Energy Partners is led by Gayle, chief executive officer Drew Scoggins, president and chief operating officer Mike Roth and vice president of acquisitions and engineering Vignesh Proddaturi. Millennial Energy Partners continues to pursue opportunities in basins and plays across the United States. For more information: http://millennialenergy.com/
