Hunt Oil, TSSP To Jointly Develop Midland Basin Acreage
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TSSP, a special situations investment platform, and Hunt Oil Company, a privately held oil and gas exploration and production company, agreed to develop certain of Hunt Oil‘s assets in the Midland Basin area of the Permian Basin. The development area covers approximately 18,000 net acres across Martin, Glasscock, Midland and Upton counties in Texas.
TSSP has committed up to $400 million to fund the development which is expected to take approximately three years to deploy. Additional terms were not disclosed.
“Hunt Oil Company is pleased to partner with TSSP in the Midland Basin,” said Travis Armayor, Senior Vice President for Hunt Oil Company. “This partnership will provide strategic capital to efficiently develop a premier asset position in a world-class basin.”
Hunt Oil Company is one of the largest privately held companies in the United States, operating both domestically and internationally. The company came in at No. 15 in the April 2016 installment of the OGFJ100P list of top privately held companies based on production.
Jefferies LLC acted as sole financial advisor and Baker Botts LLP acted as legal advisor to Hunt in the transaction. Kirkland & Ellis acted as legal advisor to TSSP.
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