Fort Worth, TX, June 13, 2015 --(PR.com
)-- Basin Acquisition Fund GP, LLC ("Basin") today announced that Basin and its partners have closed the acquisition of oil and natural gas assets from an undisclosed seller for an aggregate purchase price of approximately $152 million.
This transaction includes net production of approximately 5,700 BOE/d and over 110,000 net HBP acres across multiple basins.
"These assets provide Basin a solid foundation of production and cash flow while also providing substantial upside," said Stephen Howard, Basin’s President and Chief Executive Officer. “Our goal at Basin is to continue to build on these assets and be a preferred acquirer of non-operated interests across the United States.”
As part of the transaction, Basin has partnered with Cobra Oil and Gas Corporation which will become the operator of a portion of the assets.
“By bringing in Cobra for 33% of the transaction Basin has gained a successful partner who has a proven operational track record. We have known the Cobra team for years and look forward to this partnership.”
About Basin Acquisition Fund GP, LLC.
Basin is an independent oil and natural gas Company headquartered in Fort Worth, Texas focused on the acquisition and development of non-operated working interests throughout the United States. Today, Basin is active in 10 different U.S. states. For more information regarding Basin please visit www.basinoilandgas.com