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Pine Wave Energy Partners, a portfolio company of Old Ironsides Energy, has completed the sale of its East Texas assets to Rockcliff Energy III LLC, a portfolio company of Quantum Capital Group, the company announced Tuesday.
The transaction, executed through the sale of Pine Wave’s wholly owned subsidiary, PWEP Shelby Trough, LLC, includes assets located in San Augustine and Shelby counties. The sale covers ownership interests in 25 operated wells across roughly 29,000 net acres, producing about 100 million cubic feet per day (MMcf/d) of natural gas. It also includes a controlling interest in certain natural gas gathering pipelines in San Augustine County.
“This deal with Rockcliff is a true reflection not only of the strength of our strategy, but the dedication of our team and the support of our partners at Old Ironsides,” said Ben Hunter, co-founder and CEO of Pine Wave, in a statement.
This transaction is the second successful asset monetization for the Pine Wave team in the past three and a half years following a 2022 transaction with Silver Hill Energy Partners. With the completion of the transaction, the Pine Wave team plans to pursue a new platform, having already acquired more than 10,000 net acres in the Haynesville Shale to grow and develop, according to a press release.
Headquartered in Fort Worth, with an office in Dallas, Pine Wave was founded in 2018 by Hunter; Ben Voigt, EVP; and Stephen O’Neal, EVP and general counsel. Hunter is a graduate of Texas Tech. Voigt and O’Neal both have undergraduate degrees from TCU.
Rockcliff Energy is based in Houston.
“This transaction establishes Rockcliff Energy III with a significant production base, multiple years of stacked pay development runway, and ownership in associated gas gathering pipelines,” said Rockcliff CEO Sheldon Burleson. “We look forward to building upon the foundation Pine Wave has laid as we continue to grow our footprint in one of the most prolific and strategic natural gas basins in the country.”
Jefferies LLC served as exclusive financial adviser to Pine Wave. Legal counsel was provided by Akin Gump Strauss Hauer & Feld LLP for Pine Wave and Kirkland & Ellis LLP for Rockcliff.
Old Ironsides Energy, LLC is a private equity firm in Massachusetts specializing in North American upstream and midstream energy investments, partnering with seasoned management teams to build value across its private equity and drilling joint venture platforms.