Fundare Resources Closes Acquisition of Green River Basin Asset
DENVER / 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.
Chief Financial Officer