Pine Wave Energy Partners Agrees to Sell Haynesville Assets to Silver Hill Energy Partners
Sale includes approximately 12,500 net acres and 100 million cubic feet per day of net production with 18 miles of gathering pipeline in east Texas and northwest Louisiana
FORT WORTH, Texas–(BUSINESS WIRE)–Pine Wave Energy Partners, LLC (“Pine Wave” or “The Company”) today announced that it has entered into a definitive agreement to sell certain Haynesville assets located in Caddo Parish, Louisiana, and Harrison and Panola Counties, Texas, to affiliates of Silver Hill Energy Partners III, LP (“Silver Hill”). Closing is expected in the second quarter of 2022 and is subject to customary approvals and closing conditions. Pine Wave will continue to operate its other properties and pursue new opportunities as a portfolio company of Old Ironsides Energy, LLC (“Old Ironsides”).
Pine Wave was formed in 2018 by Ben Hunter, Chief Executive Officer; Ben Voigt, Executive Vice President; and Stephen O’Neal, Executive Vice President and General Counsel. Included in this transaction are Pine Wave’s assets located in Caddo Parish, Louisiana, and Harrison and Panola Counties, Texas, which consist of approximately 12,500 net acres with ownership interests in 10 operated wells with approximately 100 million cubic feet per day of production. Also included in the transaction is all associated midstream infrastructure, including 18 miles of natural gas gathering pipelines located in Caddo Parish and Panola County.
“This transaction with Silver Hill is a significant step in the Pine Wave story,” said Ben Hunter, Pine Wave’s Chief Executive Officer. “Over the past four years we have worked to build an outstanding position in the Haynesville, and I am proud of the way our team has executed across the board. We are grateful for our ongoing partnership with Old Ironsides and look forward to shifting our operational focus to the company’s next venture.”
“We are excited to acquire these high-quality assets, which directly offset our existing operations in the heart of the Haynesville Shale,” said Kyle Miller, Founder, President and Chief Executive Officer of Silver Hill. “With this transaction, we are able to further expand our development inventory in an area that continues to present tremendous opportunity. Pine Wave has done a terrific job building its business and we expect to be able to positively leverage their strong position in the region.”
Akin Gump Strauss Hauer & Feld LLP served as legal counsel to Pine Wave’s management team, and Shearman & Sterling LLP served as legal counsel to Silver Hill.
About Pine Wave Energy Partners, LLC
Pine Wave Energy Partners, LLC is a privately held energy company strategically focused on exploring and developing unconventional oil and natural gas resources across select regions of east Texas and northwest Louisiana. For more information on the company, please visit pinewaveep.com.
About Old Ironsides Energy, LLC
Old Ironsides Energy, LLC is an energy-focused private equity firm that partners with experienced management teams to pursue upstream and midstream opportunities in North America. The firm has a history of creating value in the energy business through its private equity and drilling joint venture platforms. For more information, please visit oldironsidesenergy.com.
About Silver Hill Energy Partners III, LP
Silver Hill Energy Partners III, LP is a private energy fund based in Dallas, Texas, supported by a diverse group of institutional partners. The partnership is focused on the direct acquisition and development of large-scale oil, natural gas, and related infrastructure assets across the Lower 48, with current operations in the Haynesville and Eagle Ford Shales. For more information, please visit silverhillenergy.com
Pine Wave Energy Partners, LLC and Old Ironsides Energy, LLC
Meredith Hargrove Howard
Redbird Communications Group