NEW YORK--(BUSINESS WIRE)--Silverpeak, a New York based investment management firm, today announced the acquisition of certain assets in the Uinta Basin from LINN Energy, Inc. for an acquisition price of $132 million. The assets will be managed by Altamont Energy, a recently formed affiliate of Silverpeak.
Located in Utah’s oil-rich Altamont Bluebell field, the assets are comprised of approximately 36,000 net acres, including 27,000 undeveloped acres. The acreage includes 116 PDP wells, with significant reserves, work-over and development opportunities.
“We are excited about the opportunity to acquire and further develop these well-located assets,” said Harsh Rameshwar, a partner in Silverpeak’s energy business. “We see significant growth through operational and well maintenance improvements and an active development program using proven production technologies and methodical subsurface engineering.”
Dr. Jorge Manrique will lead Altamont Energy’s management team. Members of the team have significant experience developing and operating upstream assets and previously participated in the development of the Uinta Basin. “The Uinta Basin is one of the largest hydrocarbon producing areas with OOIP comparable to the Eagle Ford and Bakken,” said Dr. Manrique. “We believe Altamont is well-positioned to capitalize on the potential of the assets through a robust development program which will be further supported by our expertise within the basin.”
Silverpeak is a multi-strategy investment platform with expertise in the real estate, energy and credit sectors. Founded in 2010, Silverpeak has over 90 employees with headquarters in New York and primary offices in Atlanta and London. Since its inception, the firm has acquired more than $14 billion of gross asset value (as of 30 September 2017, including all equity and debt) with investment partners across industries, sectors and locations. Committed to creating long-term value for its partners, Silverpeak uncovers unique opportunities and supports them through its experienced management teams. For more information, visit www.silverpeak.com.