HOUSTON--(BUSINESS WIRE)--Crescent Pass Energy, LLC (Crescent Pass) announced today that it has closed on an acquisition of operated and non-operated assets in East Texas. The bolt-on transaction includes approximately 60,000 net acres, flowing approximately 12.5 million cubic feet equivalent per day of natural gas weighted production, across a region with multiple producing horizons and favorable access to Gulf Coast markets. In 2021 to date, Crescent Pass has deployed more than $100 million on acquisitions, with substantial remaining equity capital reserved for future opportunities.
“This acquisition is an exciting milestone for us as it marks our second significant growth transaction in fewer than two months,” said Tyler Fenley, Crescent Pass Chief Executive Officer. “These high-quality natural gas assets strategically expand our footprint, supplement broader growth and development initiatives, and create immediate asset- and corporate-level synergies. We look forward to continuing to execute on our disciplined, asset-focused approach to create value for all our stakeholders.”
Crescent Pass announced in September that it acquired producing assets in the northern area of the Eagle Ford play from Tulsa-based Armor Energy LLC, as well as three bolt-on acquisitions primarily in the Cotton Valley trend in East Texas. Those transactions, combined existing assets and today’s announcement, bring Crescent Pass’ total production volume to approximately 8,800 barrels of oil equivalent per day. The company now has operations in 16 counties in East Texas, South Texas and Louisiana.
About Crescent Pass
Houston-based Crescent Pass is a private exploration and production company financially partnered with Talara Capital Management. Crescent Pass acquires, integrates, and optimizes PDP-weighted assets throughout the United States. This systematic approach generates superior returns through immediate free cash flow generation, low declines and operational synergies across our diversified asset base. For more information, please visit our website www.crescentpass.com.