Silverstone Energy Partners Announces $14 Million Equity Financing for Ocean Oil’s Acquisition and Development of Permian Basin Properties
HOUSTON, September 20, 2022 /PRNewswire/ — Silverstone Energy Partners LLC (“Silverstone”) has provided equity financing to fund the acquisition of Delaware Bowl New Mexico oil and gas properties by Ocean Oil Corporation (“Ocean”). The ocean is a denverPrivate E&P based on Brooke O’Neal.
Marshall Lynn BassManaging Director of Silverstone, said: “We are delighted to provide Ocean with capital to purchase and develop this attractive, non-operating asset. The asset is at an inflection point, with the operator having drilled 39 new horizontal wells in a short time. We benefit from the resulting increase in production while the vendor is able to redirect their CAPEX dollars to other projects.”
Brooke O’NealFounder and CEO of Ocean, added, “We have established a reputation for consistently closing acquisitions or leases of non-operating and unconventional properties to help owners avoid capital disruption from their own internal project needs. . Silverstone has expanded our capabilities even further.”
“This acquisition was on the smaller side of our capabilities but has tremendous strategic value for Brooke and her team,” continued Bass. “We are ready to help them with similar transactions.”
About Silverstone – Silverstone Energy Partners LLC (“Silverstone”) is a private investment firm focused on upstream and midstream investments in the energy sector with offices in Houston, TX. We invest in US transactions below 48 with sizes between $5 – $200 million. Typical structures may include extended senior debt, VPPs, mezzanine, project equity, drilling joint ventures, and similar structures. For more information, visit www.silverstone-energy.net.
About Ocean – Ocean Oil Corporation (“Ocean”) is a private oil and gas investment company focused on acquiring undeveloped working interests and royalty interests in the Permian and Delaware. Ocean is headquartered in Greenwood Village, Colorado.
Silverstone was advised by Mark L. Jones of Baker & Hostetler LLP and Ocean was advised by David G. Stolfa, Esq..
This communication is for informational purposes only and is not intended to be an offer or solicitation of an offer to buy or sell any security or other investment or an offer or solicitation of an offer for provide an investment service.
Copyright © 2022 Silverstone Energy Partners LLC, All rights reserved.
View original content: https://www.prnewswire.com/news-releases/silverstone-energy-partners-announces-14-million-project-equity-financing-for-ocean-oils-acquisition-and-development-of – properties-of-the-permian-basin-301628206.html
SOURCESilverstone Energy Partners LLC