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BrokeAssAggie
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5:55a, 5/28/21
Advance starting to run a process. Things are starting to pick up in the M&A space it seems.
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Boat Shoes
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8:05a, 6/2/21
AG
Lots of movement this morning.

https://www.businesswire.com/news/home/20210601006142/en/Colgate-Acquires-Luxe-Energy-in-All-Stock-Transaction

https://seekingalpha.com/news/3702244-southwestern-energy-to-buy-gas-producer-indigo-in-27b-deal
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Ag CPA
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3:52p, 6/2/21
AG
Looks like Engine Number One is going to get their third nominee elected to Exxon's board.
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Cyp0111
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In reply to Ag CPA • 3:58p, 6/2/21
The first two werent bad. Greg Goff is a decent choice. This was about fundraising for Engine.
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jetch17
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8:02a, 6/3/21
AG
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aston158
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7:36a, 6/8/21
another merger announced....

http://www.rbcrichardsonbarr.com/IndustryResearch/News.aspx?a=news&ticker=a&w=&story=202106PZONE88250746
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Cyp0111
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In reply to aston158 • 7:56a, 6/8/21
Independence was the KKR smascho i believe
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Gig-Em2003
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7:58a, 6/8/21
AG
Yes it was.
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Cyp0111
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8:00a, 6/8/21
they found an exit but looks like the levered up Independence with $500MM in unsecured notes right before this. Imagine they will be dumping shares this eyear.
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DripAG08
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10:50a, 6/8/21
AG
Wow. Just when Contango was actually building a decent oil and gas business, KKR comes in a screws it up.
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DripAG08
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11:00a, 6/8/21
AG
Heard this morning that the Venado guys got canned and those assets rolled up into Independence.

Not sure if Spur got the plugged pulled too with the deal.
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Cyp0111
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In reply to DripAG08 • 11:26a, 6/8/21
wow.
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Boat Shoes
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In reply to DripAG08 • 11:56a, 6/8/21
AG
AustinAg008 said:
Heard this morning that the Venado guys got canned and those assets rolled up into Independence.

Not sure if Spur got the plugged pulled too with the deal.


As in shut down the Austin office?
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Cyp0111
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In reply to Boat Shoes • 12:07p, 6/8/21
I think the office in Austin game is over.
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Gig-Em2003
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12:33p, 6/8/21
AG
Venado is gone. Spur was not impacted by this. They are half owned by EMG, which kept them out of the consolidation due to the presence of the other sponsor.
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DripAG08
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In reply to Boat Shoes • 12:38p, 6/8/21
AG
Boat Shoes said:
AustinAg008 said:
Heard this morning that the Venado guys got canned and those assets rolled up into Independence.

Not sure if Spur got the plugged pulled too with the deal.


As in shut down the Austin office?
Yes. I guess the yield structure of that group wasn't working out for KKR.

This is Garrick's second time to be rolled up so will be interesting to see what he does from here.
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DripAG08
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1:45p, 6/8/21
AG
AND






Oil closes at $70.05, time to fire up the trucks and boats fellas. We're officially back!
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Drillbit4
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In reply to DripAG08 • 1:57p, 6/8/21
AG
AustinAg008 said:
AND






Oil closes at $70.05, time to fire up the trucks and boats fellas. We're officially back!

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MAROON
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3:11p, 6/8/21
AG
What do you boys want for breakfast BBQ ?.....OK Chili.
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techno-ag
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4:07p, 6/8/21
AG
https://www.wsj.com/amp/articles/options-traders-bet-on-return-of-100-oil-11623061227
I think that, to be very honest with you, I do believe that we should have rightly believed, but we certainly believe that certain issues are just settled.

- Kamala Harris

Vote for Trump.
He took a bullet for America.

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Comeby!
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In reply to DripAG08 • 8:55p, 6/8/21
AG
AustinAg008 said:
Boat Shoes said:
AustinAg008 said:
Heard this morning that the Venado guys got canned and those assets rolled up into Independence.

Not sure if Spur got the plugged pulled too with the deal.


As in shut down the Austin office?
Yes. I guess the yield structure of that group wasn't working out for KKR.

This is Garrick's second time to be rolled up so will be interesting to see what he does from here.


Talk about serious overhead. Look at the size of that management team.
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DripAG08
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In reply to Cyp0111 • 9:39a, 6/9/21
AG
Cyp0111 said:
I think the office in Austin game is over.
Tend to agree with the like of 3ROC / Venado / Parsley / Equinor closing up shop.

You've got Sheffield and Gallagher back with new ventures as well as Bud Brigham is always around, so seems like you'll always have a small presence here in someway shape or form.

Anyone heard if Petrolegacy is still around or did they get rolled up with Encap somewhere?

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Cyp0111
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In reply to DripAG08 • 9:40a, 6/9/21
They're still around from what I can tell.
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DripAG08
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In reply to Cyp0111 • 9:50a, 6/9/21
AG
Haven't heard much out of them and knew Encap had a few other teams playing the northern MB at the moment so figured they'd been part of roll up somwhere.
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Cyp0111
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In reply to DripAG08 • 10:33a, 6/9/21
They may still but still with mgmt team at this time.
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Boat Shoes
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In reply to Cyp0111 • 10:34a, 6/9/21
AG
Cyp0111 said:
They may still but still with mgmt team at this time.


I like the Petro Legacy guys. Pulling for them.
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Cyp0111
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In reply to Boat Shoes • 10:38a, 6/9/21
Agree. Good group. Hopefully not super smascho for them.

I imagine most guys are watching the KKR deal closely.
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DripAG08
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11:42a, 6/9/21
AG
I think a lot of PE is sweating now. With groups not raising traditional energy capital anymore this could be a last grasp attempt to milk fees and ride off into the sunset by rolling everyone up.

Hard to believe KKR is charging $53MM a year in fees + G&A on this new entity.
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CaptnCarl
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11:55a, 6/9/21
AG
Didn't LUXE's management team in Austin also get canned about a year ago?
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DripAG08
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In reply to CaptnCarl • 12:01p, 6/9/21
AG
CaptnCarl said:
Didn't LUXE's management team in Austin also get canned about a year ago?
Yes got rolled into Camino.

Lance is back with Langford Energy Partners and is trying to raise capital directly from institutions with Bud Brigham on staff as "Chairman".
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Cyp0111
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In reply to DripAG08 • 12:38p, 6/9/21
It is going to be fascinating to see how the PE funds left operate on a go forward.

more importantly, the type of mgmt teams they can attract after super smascho rounds.
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FBG_Ag78
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In reply to Gig-Em2003 • 1:35p, 6/9/21
AG
Gig-Em2003 said:
Venado is gone. Spur was not impacted by this. They are half owned by EMG, which kept them out of the consolidation due to the presence of the other sponsor.

Interesting timing. Was approached by Venado last week about a lease
Won’t comply. Won’t surrender.
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BrokeAssAggie
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In reply to FBG_Ag78 • 1:38p, 6/9/21
FBG_Ag78 said:
Gig-Em2003 said:
Venado is gone. Spur was not impacted by this. They are half owned by EMG, which kept them out of the consolidation due to the presence of the other sponsor.

Interesting timing. Was approached by Venado last week about a lease
I have a friend that knows the CFO at Venado. According to my buddy the CFO told him as far as they have been told Austin office will remain open and "business as usual" for the Venado employees.
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Gig-Em2003
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In reply to FBG_Ag78 • 3:22p, 6/9/21
AG
FBG_Ag78 said:
Gig-Em2003 said:
Venado is gone. Spur was not impacted by this. They are half owned by EMG, which kept them out of the consolidation due to the presence of the other sponsor.

Interesting timing. Was approached by Venado last week about a lease


Yeah it appears they are still around from ops/land/reserves perspective. Finance and accounting has all been rolled up to KKR level. This new independence thing is basically just a publicly traded PE fund with different portcos.
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Boat Shoes
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7:33a, 6/10/21
AG
Colgate continuing to consolidate.

https://www.businesswire.com/news/home/20210610005534/en/Colgate-Energy-Announces-Strategic-Acquisition-of-Core-Southern-Delaware-Basin-Assets
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