Nickel Road Operating Completes Divestiture of DJ Basin Assets to Prairie Operating Co
DENVER–(BUSINESS WIRE)–Nickel Road Operating LLC (“Nickel Road”) today announced the completion of the company’s previously-announced sale of its Denver-Julesberg (“DJ”) Basin assets to Prairie Operating Co., LLC (“Prairie”) for $84.5 million. The full divestiture of assets, located in Weld County, Colorado, included 5,592 net leasehold acres, 26 operated producing horizontal wells, and 89 operated well permits.
“We are pleased to have closed the divestment of our remaining assets and the strong overall returns provided to our partners through multiple asset sales as well as the distribution of free cash flow over the past three years,” said Andrew Haney, Co-President of Nickel Road. “We appreciate the valuable partnership since inception with Vortus Investments as we patiently grew the asset base through opportunistic grassroots leasing and successful operational development.”
Based in Denver, Colorado, Nickel Road is focused on acquiring, leasing, and developing oil and natural gas assets in the Wattenberg Field. The company is supported by an equity commitment from Vortus Investment Advisors, LLC of Fort Worth, Texas.
Buchalter served as legal counsel to Nickel Road.
About Nickel Road Operating
Nickel Road Operating LLC is a Denver-based oil and gas acquisition and development company. Nickel Road was formed in July 2017 by Andrew Haney and Kit Tincher with a capital investment from private investors. The company partnered with Vortus Investment Advisors to grow and develop the position. Nickel Road is currently led by Andrew Haney, Dana Johnson and Kit Tincher. For additional information please visit www.nickelroadoperating.com.
About Vortus Investment Advisors, LLC
Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower to middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit www.vortus.com.
Contacts
Meggan Morrison
meggan@redbirdpr.com
