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Presidio Investment Holdings, LLC, a Fort Worth-based oil and gas operator specializing in mature asset optimization, announced a definitive merger agreement with EQV Ventures Acquisition Corp. (NYSE: EQV), a special purpose acquisition company.
The merger, announced by EVQ, will result in the formation of a new public entity, Presidio Production Company, with an expected listing on the New York Stock Exchange under the ticker “FTW.”
The transaction, which values the company at a pro forma enterprise value of approximately $660 million, is expected to close later this year. It marks Presidio’s transition into the public markets and positions the company as a high-yield, low-risk player in the U.S. energy sector.
Presidio plans to initiate a $1.35/share annual dividend, representing an industry-leading 13.5% yield at $10.00/share, supported by stable, hedged production and minimal capital reinvestment. With expected net production of 26,000 barrels of oil equivalent per day (Mboe/d) in 2025 across over 2,000 wells in Texas, Oklahoma, and Kansas, Presidio projects strong cash flows with just a 3% reinvestment rate.
Co-CEOs Will Ulrich and Chris Hammack will continue leading the company, alongside a majority-independent board.
“This transaction provides a permanent platform to scale our yield-focused model, pursue accretive acquisitions, and generate value for shareholders,” said Ulrich in a statement.
Presidio’s operational model prioritizes the acquisition and optimization of mature oil and gas wells, supported by automation, real-time data analytics, and AI. Approximately 78% of production is hedged through 2027, stabilizing cash flow for dividends and debt reduction. By 2026, the company expects a 16% unlevered free cash flow yield, with zero development risk.
The transaction includes $970 million in capital, made up of $65 million in rollover equity (including $40 million from management), $85 million in PIPE investment from strategic investors (including a major oil company), $125 million in Series A Preferred Equity led by JPMorgan Investment Management, and a $50 million reserve-based loan from Citizens Bank. An estimated $360 million in trust account cash from EQV will also support future acquisitions.
"Presidio represents the next evolution of the public oil and gas company — efficient, predictable, and yield-driven within a simple and transparent business model," said Chris Hammack, Co-Founder and Co-CEO. "We believe our track-record of acquisitions and meaningful cost optimization make us the strongest near-term consolidator of mature assets."
Said Ulrich: “America’s oilfield needs capital-disciplined operators focused on deploying new technology to create long-term value. We have the expertise, track record and capital discipline to squeeze efficiency from every molecule and barrel, delivering superior returns.”
In a complementary move, Presidio will acquire assets in the Texas Panhandle from EQV Resources, an affiliate of EQV. EQV’s sponsor will retain a significant ownership stake post-closing. Jerry Silvey, CEO of EQV, said, “With our complementary expertise and shared vision, we are confident that Presidio will be a sustainable yield leader.”
The merger was unanimously approved by the boards of both companies and remains subject to shareholder approval and customary closing conditions.