Aethon Energy and RedBird Capital Acquire Encana’s Moneta Divide Assets
Aethon Energy Management LLC (“Aethon” or the “Firm”), a Dallas-based private investment firm focused on onshore oil & gas, together with its partner, RedBird Capital Partners, LLC (“RedBird”), today announced the acquisition of the Moneta Divide assets from Encana Oil & Gas (USA) Inc., a wholly-owned subsidiary of Encana Corporation (Encana) (TSX: ECA) (NYSE: ECA). Terms of the negotiated transaction were not disclosed.
The Moneta Divide assets comprise approximately 188,000 net acres in Wyoming in the Wind River Basin. The asset is a low-risk resource with a long reserve life and low cost drilling opportunities.
Aethon was founded in 1990 by Albert Huddleston to acquire and develop oil & gas assets in North America. The Firm is led by a team of veteran oil & gas professionals with significant operational experience across North America. With the acquisition of the Moneta Divide assets, Aethon will continue its long track record of best-in-class operations in an environmentally responsible manner.
Aethon Partner, Gordon Huddleston, commented, “Aethon has a legacy of operating in the Rockies. We are pleased to expand our holdings with these operated assets in the Wind River Basin and welcome 42 talented new employees to our team. The staff at Encana has been great to work with throughout this process. Additionally, we have enjoyed the opportunity to partner with RedBird on this transaction and look forward to working with them in the future.”
RedBird Partner, Hunter Carpenter, said, “Aethon is a skilled and responsible operator, and we believe this is an attractive opportunity to develop a unique asset with solid cash-flow characteristics. We are excited to have partnered with Aethon on this transaction and look forward to continuing to participate in growing their platform through strong operations and acquisition opportunities.”
Aethon was advised by Capital One Securities, Inc., Crowley Fleck PLLP, and Weil, Gotshal & Manges LLP. RedBird was advised by Evercore and Gardere Wynne Sewell LLP. – Your Oil and Gas News