Fundare Resources Closes Acquisition of Green River Basin Asset

DENVER, July 12, 2022 / Businesswire/ — Fundare Resources Company, LLC (“Fundare” or the “Company”) announced today that it has completed an acquisition of oil and gas assets in the Green River Basin of Wyoming from HRM Resources III, LLC (“HRM”). Following a transition period, Fundare’s management team will take over operations from HRM beginning August 1, 2022. Fundare will hold the new assets under an entity called Rangeview Resources Company, LLC (“Rangeview”).

Rangeview Green River Highlights Include:

  • 91,700 net acres (88% operated)
  • 191 operated and 153 non-operated wells producing approximately 25 MMcfe/d
  • Low-risk, high-return, permitted drilling inventory
  • Attractive basin for future bolt-on acquisitions

Cody Truitt, President & Chief Executive Officer of Fundare commented, “We are excited to add another high-quality asset and basin to our portfolio. I would like to thank the HRM team for their support through the acquisition process as well as the commitment to responsible operations that is evident in their business. We look forward to growing the asset with the same focus.”

Fundare Executive Chairman, Mike Starzer, added, “It has been 8 months since we took over operations of the Redtail asset. Cody and his team have performed exceptionally well at operating Redtail, spinning off a midstream company in Moonrise Midstream, and screening opportunities to advance Fundare’s strategy of acquiring low-risk, producing assets, that the team can optimize and grow organically to drive shareholder returns. The Green River asset is a perfect fit.”

Fundare’s senior management is comprised of seasoned industry professionals including Scott Landreth as Chief Financial Officer, Cliff Linhardt as Chief Accounting Officer, Craig Gleaton as General Counsel and Vice President of Land, , Bryan Brown as Vice President of Operations and Daniel Seaver as Vice President of Midstream and Marketing.

The acquisition was funded through equity provided by WDC Energy, LLC, management and a group of friends and family investors. Rangeview also entered into a Note Purchase Agreement with Cibolo Energy Partners, LLC to provide debt capital used to fund a portion of the acquisition. Baker Botts LLP acted as legal counsel to Fundare.

HRM Resources III, LLC is backed by Kayne Anderson Capital Advisors (“Kayne”). Davis Graham & Stubbs LLP acted as legal advisor to HRM and CIBC Capital Markets served as financial advisor to HRM. McDermott Will & Emery LLP acted as legal advisor to Kayne.

About Fundare Resources Company, LLC:

Fundare Resources Company, LLC is a private oil and gas company pursuing low risk, yield driven, producing properties that maximize shareholder returns through the implementation of advanced completion technologies and prudent, low-cost operatorship. Fundare, Latin for “laying a foundation”, is built around the principle of establishing a foundation of assets managed with Integrity, Teamwork and Transparency; proven values that have resulted in repeated success for its investors. Companies under Fundare’s management include Fundare Redtail, Rangeview Green River, and Moonrise Midstream.

Further information can be found at www.fundareresources.com.

Contact Information:

Scott Landreth
Chief Financial Officer
info@fundareresources.com
720-868-1300


Fundare Resources Announces Moonrise Midstream Formation and 3rd Party Commercial Agreements

DENVER — (BUSINESS WIRE) — Fundare Resources Company, LLC (“Fundare” or the “Company”) today announced the formation of Moonrise Midstream, LLC (“Moonrise”), a wholly-owned subsidiary of Fundare Resources Operating Company, LLC.

“We are excited to form Moonrise Midstream located in an attractive area for expansion and upstream development. Moonrise will strategically grow its footprint in the DJ Basin through expanding dedicated processing for upstream producers and midstream companies.”

Moonrise owns and operates midstream assets in the Niobrara-DJ Basin, around Fundare’s Redtail oil and gas operations in Northeast Weld County, Colorado. Moonrise’s assets include a 65 million cubic feet per day (MMcf/d) refrigeration gas processing plant that is expandable to 105 MMcf/d, over 22,000 horsepower of compression, 100 miles of gas gathering pipelines, downstream interconnects with Overland Pass NGL Pipeline/Trailblazer Residue Pipeline, and 25 miles of crude gathering pipelines that are tied into Tallgrass Energy Partners’ Pawnee crude oil terminal.

Cody Truitt, President & Chief Executive Officer of Fundare commented, “We are excited to form Moonrise Midstream located in an attractive area for expansion and upstream development. Moonrise will strategically grow its footprint in the DJ Basin through expanding dedicated processing for upstream producers and midstream companies.”

Moonrise provides the infrastructure and marketing support for Fundare’s Redtail oil and gas operations, and has recently entered into commercial agreements with Bison Oil & Gas III, LLC and a nearby third-party midstream company. Moonrise will begin processing dedicated volumes for Bison in the 3rd Quarter and currently processes offload gas for the third-party midstream company.

Daniel Seaver, Vice President of Midstream & Marketing for Fundare, added, “The Moonrise team and assets deliver exceptionally high runtimes of greater than 99.7% while processing volumes from our growing customer base. We provide a high level of pressure and flow assurance to our customers, and we look forward to continued growth and development of the asset.”

About Fundare Resources Company, LLC:
Fundare Resources Company, LLC is a private oil and gas company pursuing low risk, yield driven, producing properties that maximize shareholder returns through the implementation of advanced completion technologies and prudent, low-cost operatorship. Fundare, Latin for “laying a foundation”, is built around the principle of establishing a foundation of assets managed with Integrity, Teamwork and Transparency; proven values that have resulted in repeated success for its investors. Further information can be found at www.fundareresources.com.

About Moonrise Midstream, LLC:
Moonrise Midstream, LLC is a Denver-based, growth-oriented midstream company that develops and operates infrastructure assets to provide gas gathering, compression, processing, and NGL and natural gas marketing services to its customers. Moonrise has current assets in the Niobrara-DJ Basin. Moonrise Midstream, LLC is a wholly-owned subsidiary of Fundare Resources Operating Company, LLC. Further information can be found at www.moonrisemidstream.com.

Contact:
Daniel Seaver
VP Midstream & Marketing
info@moonrisemidstream.com
720-868-1300


Fundare Resources Closes the Acquisition of the Redtail Assets from Whiting Petroleum Company

DENVER /PR Newswire/

Fundare Resources Company, LLC (“Fundare”), a Denver based, independent exploration and production company, announced today that is has completed the acquisition of oil and gas assets in the Denver-Julesburg Basin of Colorado (“Redtail assets”) from Whiting Petroleum Company ("Whiting"). Following a transition period, Fundare will take over operations from Whiting on November 1, 2021.

Asset Highlights:

  • 67,278 net acres in rural Weld County, Colorado (99% operated)
  • 319 operated wells producing approximately 7,100 net boepd (51% oil, 70% liquids)
  • Wholly owned natural gas processing plant with capacity of 65 mmcfpd and 100 miles of gathering pipelines

“We would like to thank the Whiting team for their assistance throughout the acquisition process. We look forward to following in their footsteps as responsible owners and operators of the Redtail assets. We have significant operating experience and prior success in the DJ Basin with our proven operating team,” said Fundare President, Cody Truitt.

“This transaction underscores Fundare’s strategy of acquiring low risk, producing properties where the Fundare team will apply their expertise to maximize shareholder returns,” added Fundare Executive Chairman, Mike Starzer.

Fundare’s senior management is comprised of seasoned industry professionals including Cliff Linhardt as Chief Accounting Officer, Craig Gleaton as General Counsel and Vice President of Land, Bryan Brown as Vice President of Operations and Daniel Seaver as Vice President of Midstream and Marketing. “The Fundare team has a history of working together and collectively maintains a focus on value enhancement through safe, responsible operations. We are excited to get to work on these outstanding assets,” commented Cody Truitt.

The acquisition was funded through equity provided by WDC Energy, LLC, management and a group of friends and family investors. Fundare also entered into a Note Purchase Agreement with Cibolo Energy Partners, LLC to provide debt capital used to fund a portion of the acquisition.

Baker Botts LLP acted as legal counsel and Rivington Holdings, LLC acted as transaction advisor to Fundare.

About Fundare Resources Company, LLC
Fundare Resources Company, LLC is a private oil and gas company pursuing low risk, yield driven, producing properties that maximize shareholder returns through the implementation of advanced completion technologies and prudent, low-cost operatorship. Fundare, Latin for “laying a foundation”, is built around the principle of establishing a foundation of assets managed with Integrity, Teamwork and Transparency; proven values that have resulted in repeated success for its investors. Further information can be found at www.fundareresources.com.

About Rivington Holdings, LLC
Rivington Holdings, LLC, is an independent merchant and investment banking firm specializing in private capital and M&A transactions for the upstream energy sector. Founded in 2002, Rivington has successfully closed more than 100 transactions having an aggregate transaction value exceeding $8 billion. Further information can be found at www.rivingtoncap.com


AOGR Interview

The oil and gas food chain is regenerative. Mergers or acquisitions at the upper end of the chain tend to churn out of the wash new links–often cast of familiar elements reconstituted from the M&A spin cycle–somewhere down the line.

A case in point is Fundare Resources Company LLC, formed by managing partners Mike Starzer and Pat Graham. If those names ring familiar, they should. They were the principals behind the Bonanza Creek/Fifth Creek lineage of operating entities.

Read the rest of the article by clicking here.