Covey Park Energy Acquires Assets in East Texas

10/14/14

Dallas, TX – October 14, 2014 – Covey Park Energy LLC (“Covey Park”), an independent oil and gas exploration and production company, today announced the acquisition of 117,826 gross acres and 89,462 net acres of leasehold in the prolific, stacked-pay of the East Texas Basin.  The company intends to increase this core acreage position via leasing, targeted acquisitions and other accretive deal structures.

Covey Park’s entry into the area is the result of two separate transactions: the purchase of certain assets from Encana Oil and Gas (USA), Inc. as well as the purchase of certain assets from Navasota Resources, Ltd, LLP through its General Partner, Alta Mesa GP, LLC. The assets are located in Robertson, Leon, Madison and Brazos counties.  The properties have average net production of 109 MMcfe (99% gas) and 325 Bcfe of Proved Reserves (67% PDP) primarily from the Deep Bossier and Cotton Valley Lime.  Covey Park is the primary operator.  Potential targets include many of the conventional East Texas plays: Woodbine, Glen Rose, Buda, Cotton Valley Sands, Travis Peak and Eagle Ford.

The purchases were funded by a combination of equity contributions and borrowings under an existing $300 million Credit Agreement.

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About Covey Park Energy

Covey Park Energy is an independent oil and gas exploration and production company headquartered in Dallas, TX.   The company is primarily focused on the acquisition and exploitation of long-life reserves in the ArkLaTex, Permian and MidContinent regions and will also consider other attractive onshore opportunities throughout the continental United States.  Covey Park evaluates transactions ranging from $20 million to $2 billion.  Covey Park seeks to add value to acquisitions through low risk development opportunities, optimized operations and ongoing technological advances.

 

Covey Park was formed in June 2013 with an approximately $300 million equity commitment from Denham Capital, an energy and resources private equity firm with over $7.9 billion in invested and committed funds in the oil and gas, power and renewables, metals and minerals industries.

Covey Park Energy to Pursue Ark-La-Tex, Permian and Mid-Continent Opportunities Following Commitment from Denham Capital

04/01/14

Dallas – (April 1, 2014) – Covey Park Energy (CPE) announced today that it has secured an equity commitment from energy and resources-focused global private equity firm Denham Capital. The newly-formed, Dallas-based exploration and production company is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex, Permian and Mid-Continent regions.

 CPE is managed by Co-Chief Executive Officers John D. Jacobi and Alan Levande. Jacobi is an accomplished oil and gas entrepreneur who has worked in the Ark-La-Tex regions for more than 20 years and served on the boards of three exploration and production ventures previously. Levande has enjoyed entrepreneurial success in private equity and worked for a decade with Goldman Sachs as Managing Director of Investment Banking in the company’s Natural Resources Group.

 Together they will lead a 12-person team which has collectively completed more than $10 billion worth of acquisitions and divestures. The duo will drive efforts to add value to acquisitions through low-risk development opportunities, optimized operations and ongoing technological advances. CPE will evaluate transactions ranging from $20 million to $2 billion, and will also consider other attractive onshore opportunities throughout the continental U.S.

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About Covey Park Energy

Covey Park Energy (CPE) is a private oil and gas exploration and production company headquartered in Dallas, Texas. CPE is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex, Permian and Mid-Continent regions. For more information about CPE, visit www.thecoveypark.org.

 

About Denham Capital

Denham Capital is a leading energy and resources-focused global private equity firm. With over $7.9 billion of invested and committed capital, Denham makes direct investments in the energy and resources sectors, including businesses involving oil and gas, metals and minerals, and power and renewables. With offices in Boston, Houston, London, São Paulo and Perth, Denham invests across the globe. Denham invests across all stages of the corporate lifecycle, from exploration and development projects to mature, operating businesses, and all segments of the capital structure. For more information about Denham Capital, visit www.denhamcapital.com.