Category: News

HOUSTON–(BUSINESS WIRE)–Mesa Royalties III Holdings, LLC and affiliates (“Mesa”) is pleased to announce its acquisition of oil and gas mineral and royalty interests (“the Acquisition”) in the Haynesville shale play from an undisclosed private seller.

The Acquisition included approximately 6,200 net royalty acres across various counties and parishes in the core of the Haynesville shale play. The Acquisition includes approximately 253 gross and 2.0 net producing wells operated by top operators Aethon, Southwestern, and Chesapeake. This deal is a continuation of Mesa’s efforts to expand its existing footprint underlying the prolific Haynesville and Mid-Bossier zones in North Louisiana and East Texas. Mesa funded the acquisition utilizing equity commitments from funds managed by NGP Energy Capital Management LLC (“NGP”).

Darin Zanovich, President & CEO of Mesa, commented, “Excited for our team to source and close on this off-market opportunity in a basin we have been actively working since 2018. We have ample capital available with our recent commitment upsize from NGP and are poised to continue acquiring in both the Haynesville shale play as well as in the Permian basin where our current buying efforts are focused. Pro-forma following this acquisition Mesa will now own over 11,000 net royalty acres in the Haynesville shale play and plan to continue to aggregate to scale the position.”

Weil, Gotshal & Manges LLP served as legal counsel for Mesa on the transaction.

About Mesa Minerals Partners

Mesa is led by Darin Zanovich (CEO), Greg Balash (COO and EVP of Engineering), Josh Wiener (EVP of Land) and Michelle Massaro (CFO and EVP of Finance). Mesa manages a portfolio consisting of interest in over 1,400 horizontal wells across the Permian and Haynesville shale basins.

For more information visit www.mesamineralsllc.com

About NGP

NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With $23 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future.

For more information, visit www.ngpenergy.com.

The Acquisition included roughly 8,000 net royalty acres across 3 states, including West Virginia, Pennsylvania, and Ohio. This marks the first Appalachian Basin deal closed by Elk Range. The Acquisition includes 194 producing gross locations and approximately 0.67 net wells operated by top operators such as EQT, Antero, CNX, Southwestern, and Range. This deal is a continuation of Elk Range Royalties’ efforts to expand its acquisition efforts into high-quality, low-breakeven basins. Elk Range funded the acquisition utilizing equity commitments from funds managed by NGP Energy Capital Management LLC (“NGP”).

Charlie Shufeldt, CEO of Elk Range, commented, “Our team has invested considerable time and effort to underwrite, diligence and close this acquisition opportunity. We have substantial dry powder and are poised to continue acquiring in the Appalachian basin. We look forward to growing our presence there.”

Gibson, Dunn & Crutcher LLP and Sherrard, German & Kelly, P.C. served as legal counsel for Elk Range on the transaction.

About Elk Range Royalties

Elk Range is led by Charlie Shufeldt (CEO), Clinton Koerth (Vice President of Land and Business Development), Jeff Stewart (Vice President of Engineering) and Ashleigh Bell (Vice President of Finance & Accounting). Elk Range manages a portfolio consisting of approximately 40,000 NRAs with an interest in over 5,000 horizontal wells across the Permian, Uinta, Anadarko, Eagle Ford, Haynesville, Denver-Julesburg, and Appalachian basins under the Elk Range Royalties, 89 Energy II Minerals and Land Run Minerals platforms.

For more information visit www.elkrange.com.

About NGP

NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With $23 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future.

For more information, visit www.ngpenergy.com.

MIDLAND, Texas–(BUSINESS WIRE)–Permian Resources Corporation (“Permian Resources” or the “Company”) (NYSE: PR) today announced the commencement of an underwritten public offering of an aggregate 39,414,415 shares of its Class A Common Stock, par value $0.0001 per share (“Class A common stock”), by certain affiliates of NGP Energy Capital Management L.L.C., Riverstone Investment Group LLC and EnCap Investments L.P. (the “Selling Stockholders”).

The underwriter intends to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Permian Resources will not sell any shares of Class A common stock in the offering and will not receive any proceeds therefrom.

Concurrently with the closing of the offering, the Company intends to purchase (the “Concurrent OpCo Unit Purchase”) from certain of the Selling Stockholders an aggregate 2,252,252 common units representing limited liability company interests (“OpCo Units”) in Permian Resources Operating, LLC, a Delaware limited liability company and a subsidiary of Permian Resources (“OpCo”), at a price per OpCo Unit equal to the price per share at which the underwriter purchases shares of Class A common stock in the offering and to cancel a corresponding number of shares of the Company’s Class C Common Stock, par value $0.0001 per share, held by such Selling Stockholders. The offering of Class A common stock is not conditioned upon the completion of the Concurrent OpCo Unit Purchase, but the Concurrent OpCo Unit Purchase is conditioned upon the completion of the offering.

J.P. Morgan Securities LLC is serving as the underwriter for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The proposed offering is being made pursuant to a registration statement previously filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) that became automatically effective upon filing on November 8, 2023.

The proposed offering will be made only by means of a prospectus and prospectus supplement that meet the requirements under the Securities Act of 1933, as amended (the “Securities Act”). Copies of the preliminary prospectus supplement and accompanying base prospectus and final prospectus supplement, when available, may be obtained from: J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; or by accessing the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy shares of Class A common stock or any other securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful without registration or qualification under the securities laws of any such state or jurisdiction.

About Permian Resources

Headquartered in Midland, Texas, Permian Resources is an independent oil and natural gas company focused on the responsible acquisition, optimization and development of high-return oil and natural gas properties. Permian Resources’ assets and operations are concentrated in the core of the Delaware Basin.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, regarding the completion of the offering and the Concurrent OpCo Unit Purchase, the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Be cautioned that these forward-looking statements are subject to all of the risk and uncertainties, most of which are difficult to predict and many of which are beyond Permian Resources’ control, incident to the development, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, risks relating to the Company’s ability to realize the anticipated benefits and synergies of its merger with Earthstone Energy, Inc. Actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth in the Company’s filings with the SEC, including the prospectus relating to the offering, the Registration Statement (as defined below), its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and its subsequent Quarterly Reports on Form 10-Q, under the caption “Risk Factors,” as may be updated from time to time in the Company’s periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Supported by a ten-year services contract with Ava, EV Realty will develop, build, own, and operate a 33-stall EV charging project at the Oakland City Center Garage, centrally located to serve the adjacent disadvantaged community. This will be the largest public fast charging site in Oakland, increasing the overall amount of public fast charging infrastructure in the city by nearly 45 percent. EV Realty selected EV Connect, a leading EV charging management solutions provider owned by Schneider Electric, to construct and service the project under a multi-year agreement.

California state policy aims to promote equity in electrification by directing investments to support disadvantaged communities. However, challenges exist in the upfront cost of electric vehicles and access to at-home charging infrastructure, which are not always present in disadvantaged communities and areas with high density of multi-dwelling units (MDUs). This perpetuates the ‘chicken and egg’ issue of needing charging infrastructure where it’s used most, but also requiring more vehicles to justify more charging availability.

Ava is a not-for-profit public power agency that operates a Community Choice Energy program in Alameda County and the city of Tracy, with additional service extending to Stockton and Lathrop beginning in 2025. Ava currently serves 14 cities with 1.7 million residential and commercial customers. Ava provides clean power at competitive rates while reinvesting in its member communities and offering innovative energy programs.

“We’re looking forward to collaborating with EV Realty and EV Connect to bring meaningful environmental change to the residents of Oakland,” said Nick Chaset, CEO of Ava. “We believe this project creates a winning solution for local residents by bringing access to charging infrastructure to a part of our community that is often overlooked.”

EV Realty was selected through a competitive process to partner with Ava to bring the Oakland charging hub to life. The novel contract structure enables Ava to set prices ensuring utilization and benefits to the community, while EV Realty provides high-quality infrastructure that enables drivers to quickly and reliably charge their vehicles. The long-term contract structure provides project revenue certainty that supports private investment in much-needed public EV charging solutions.

“We’re proud to partner with Ava and EV Connect to bring accessible and cost-effective EV charging solutions to Ava’s customers in Oakland,” said Patrick Sullivan, CEO of EV Realty. “This project represents an innovative blueprint to scale EV charging infrastructure deployment and is another example of Ava’s long-term leadership in supporting California’s energy transition, first with solar and wind power purchases, and more recently with their focus on EV charging and distributed energy resources. Our collective hope is that this unique project structure provides a blueprint for how utilities and public power agencies can pull forward EV charging infrastructure deployment at scale, both here in California and across the U.S.”

Construction on the Oakland charging hub is expected to begin early next year; the project is expected to be completed by the fourth quarter of 2024.

About Ava Community Energy

Ava Community Energy (Ava), formerly East Bay Community Energy (EBCE), is the not-for-profit public power provider for more than 1.7 million residents and commercial customers in Alameda County and the City of Tracy, with service extending to the San Joaquin County cities of Stockton and Lathrop in 2025. As one of 25 community choice aggregation (CCA) programs operating in California, Ava is part of the movement to provide energy choice while expediting local and state-wide climate action goals. Ava is committed to creating a brighter future in our communities and beyond by providing clean power at competitive rates, reinvesting in our member communities, and developing programs that make it easy for customers to discover, try and adopt clean energy solutions. For more information about Ava Community Energy, visit avaenergy.org.

About EV Realty

EV Realty develops, deploys, and owns charging infrastructure critical to electrifying commercial fleets in the U.S at scale. The company accelerates the adoption of large EV fleets by focusing on the fundamental constraint all electric fleets face: low-cost, reliable, and expandable access to grid-scale power. EV Realty is developing a network of grid-optimized, large-scale EV charging hubs for delivery, logistics, and services fleet customers. Our Powered Properties™ serve multiple commercial fleets in secure, high-power locations with guaranteed charging access and availability, and are located proximate to major logistics corridors within last-mile delivery/duty range of urban population centers. By aggregating multiple fleets with shared private infrastructure in grid-ready locations, EV Realty charging hubs reduce upfront and recurring costs for fleets, optimize charging times and provide high utilization rates. Learn more about EV Realty and how it is transforming fleet charging at www.evrealtyus.com.