Peregrine Energy Partners, headquartered in Dallas, Texas, has announced the purchase of The Carlyle Group’s remaining interests in Hilcorp’s Moxa Arch field.
The Moxa Arch, located in Wyoming’s GreenRiver Basin, is home to approximately 1500 oil wells, primarily operated by Hilcorp, the country’s largest private oil and gas operator.
Hilcorp’s Moxa Arch Field is part of Hilcorp’s Green River Basin 465,000 gross acres operations, which produces approximately 24,400 barrels of oil per day from over 2,400 wells.
Hilcorp first entered the Green River Basin in 2016. Today, Hilcorp is one of the largest operators in the Basin. The company employs over 90 people in this operation, generating over $30 million in annual economic activity through 230 partnerships with local businesses.
C.J. Tibbs, the founder of Peregrine Energy Partners, explained: “We are not looking at this purchase as a bet on natural gas, but rather an investment in an area with proven assets under a solid operator. We do feel, however, that as underinvestment in domestic energy production continues, assets like these will continue to become more valuable as there is increased upward pressure on the underlying commodity prices.”
Peregrine Energy Partners specializes in the purchase and sale of minerals and royalties. The managing team has over 50 years of combined experience in minerals and royalties, consulting and collaborating with royalty owners in more than 22 states in America. They work with estate, oil, and gas companies and other clients interested in divestment options.
The seller in this transaction, the Carlyle Group, is a global investment firm founded in Washington, DC, in 1987.
According to the company’s website, Carlyle has $293 billion in assets under management across three core business segments and more than 400 investment channels.