HOUSTON--(BUSINESS WIRE)--Rio Grande E&P, LLC (“Rio Grande”) announced the completion of the sale of all its oil & gas assets for an undisclosed amount.
Rio Grande was founded in 2018 by Glenn Hart, the former Chief Executive Officer of Michael Petroleum Corporation and Laredo Energy. Rio Grande’s financial sponsor is Intrepid Investment Management, LLC, the investing arm of Intrepid Financial Partners, L.L.C. (“Intrepid”), the leading energy-focused merchant bank.
Since its founding, Rio Grande has assembled a meaningful portfolio of oil & gas assets in South Texas primarily in Webb and Zapata Counties. In addition to its position of mature producing conventional assets, Rio Grande also has a premier position of unconventional assets in the core dry gas window of the Lower Eagle Ford, on which it has drilled some best-in-class Eagle Ford and Austin Chalk wells.
Rio Grande sold its conventional and unconventional assets to two separate undisclosed buyers.
“This was a fantastic outcome for Rio Grande, and I want to thank all of our employees for their dedication and hard work. I also want to thank Intrepid, Gold Sky Gas, Jeb Bush and our other partners for their support through one of the most turbulent periods for the energy industry. It is through the collective efforts of our entire team that we were able to achieve such an outstanding result,” said Glenn Hart, President & Chief Executive Officer of Rio Grande.
“We are incredibly proud to have supported Rio Grande from their first asset acquisition to the success it is today. Over the last five years, the team has done an incredible job assembling a premier position and drilling some of the most productive wells in South Texas,” said Mike France, Head of Investment Management at Intrepid.
“We want to congratulate Glenn, Jerry, Brian, Michael, Will and the entire Rio Grande team for a tremendous outcome,” said Neil Chen, Managing Director at Intrepid. “Our collective success is due to the expertise and tireless work of the Rio Grande Team.”
Intrepid Partners, LLC served as exclusive financial advisor and Locke Lord LLP served as legal advisor to Rio Grande on the transactions.
About Rio Grande
Rio Grande is a privately held company engaged in the acquisition, exploration and development of natural gas and oil assets in South Texas. Based in Houston, Texas, Rio Grande is led by Glenn Hart, the former Chief Executive Officer of Michael Petroleum Corporation and Laredo Energy, and other industry veterans including Jerry Holditch and Brian Butler. The management team has collectively drilled more than 500 wells, acquired interests in over 1,000 wells, and held oil and gas leases of over 500,000 acres in the area of specialization. For more information Rio Grande, please visit www.rgep.com.
Intrepid is a merchant bank that provides investment banking and investing management services. Intrepid’s leading boutique investment banking business provides independent and best-in-class merger & acquisition, restructuring and capital markets services to the oil and gas and energy transition industries, and has advised on over $160 billion of transactions since 2015. Intrepid’s investment management business makes principal debt and equity investments through its managed funds. Current strategies include private equity, infrastructure, credit and venture capital across energy and energy transition.
Intrepid has offices in Houston and New York. For more information on Intrepid, please visit www.intrepidfp.com.