News Summary
Pine Wave Energy Partners, LLC has completed the sale of its East Texas assets to Rockcliff Energy III LLC through PWEP Shelby Trough, LLC. The deal includes ownership interests in 25 operated wells and controlling interest in natural gas gathering pipelines, showcasing Pine Wave’s strong market position. Following the sale, the company is expanding its operations in the Haynesville Shale, pursuing further growth in the energy sector. This transaction reflects energy market dynamics and Pine Wave’s strategic vision since its founding.
Texas
Pine Wave Energy Partners, LLC has successfully completed the sale of its East Texas assets to Rockcliff Energy III LLC through its wholly owned subsidiary, PWEP Shelby Trough, LLC. This transaction encompasses key assets located in San Augustine and Shelby Counties, Texas, and marks a significant strategic move for both companies.
The $X million deal includes ownership interests in 25 operated wells and covers approximately 29,000 net acres, with the assets yielding an impressive production rate of around 100 million cubic feet per day (MMcf/d). Additionally, the transaction grants Rockcliff Energy a controlling interest in several natural gas gathering pipelines situated in San Augustine County.
This acquisition represents the second successful asset monetization for Pine Wave within the last three and a half years. The company previously completed a similar transaction in 2022 with Silver Hill Energy Partners, highlighting its ability to effectively manage and monetize its asset portfolio.
Plans for Future Growth
Following this sale, Pine Wave Energy Partners is set to pursue a new development platform. The company has already made significant strides in this direction, having acquired over 10,000 net acres in the Haynesville Shale area. This not only signifies Pine Wave’s commitment to expansion but also its adaptability to the dynamic energy market.
CEO Ben Hunter emphasized that the transaction underscores Pine Wave’s capability to develop and enhance high-quality assets in complex operating environments. The company continues to focus on growth and investment opportunities in the energy sector, particularly in regions with established production potential.
Rockcliff Energy’s Strategic Acquisition
For Rockcliff Energy III, the acquisition aligns with its strategy to expand its footprint in one of the most productive natural gas basins in the United States. The CEO of Rockcliff expressed that this deal provides a significant production base, positioning the company for sustained growth in the competitive energy landscape.
The financial advisory for Pine Wave was managed by Jefferies LLC, ensuring that the transaction was negotiated efficiently and effectively. Legal representation for the involved parties was also critical, with Pine Wave being advised by Akin Gump Strauss Hauer & Feld LLP and Rockcliff by Kirkland & Ellis LLP.
About the Companies
Pine Wave Energy Partners was founded in 2018 by a team of experienced industry professionals, including Ben Hunter, Ben Voigt, and Stephen O’Neal. Headquartered in Fort Worth, Texas, Pine Wave is a portfolio company of Old Ironsides Energy, LLC, which specializes in working alongside management teams to drive upstream and midstream energy investments across North America.
Rockcliff Energy III is backed by Quantum Capital Group, a firm known for its expertise in oil and natural gas management. As both companies navigate the complexities of the energy market, the recent transaction is a clear indication of the active investment and operational strategies being employed in the sector.
This sale not only propels Pine Wave Energy Partners into its next phase of development but also reinforces Rockcliff Energy’s position within a competitive market, setting the stage for future advancements in both companies’ operational portfolios.
Deeper Dive: News & Info About This Topic
- Business Wire: Pine Wave Energy Partners Sells East Texas Assets
- Fort Worth Inc: Pine Wave Energy Partners Sells East Texas
- P&GJ: Pine Wave Energy Partners to Sell Haynesville Acreage
- Google Search: Pine Wave Energy Partners
- Encyclopedia Britannica: Pine Wave Energy Partners
Author: STAFF HERE GEORGETOWN
The GEORGETOWN STAFF WRITER represents the experienced team at HEREgeorgetown.com, your go-to source for actionable local news and information in Georgetown, Williamson County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Red Poppy Festival, Georgetown Swirl, and Christmas Stroll. Our coverage extends to key organizations like the Georgetown Chamber of Commerce and the Downtown Georgetown Association, plus leading businesses in manufacturing and tourism that power the local economy such as local wineries and historic downtown shops. As part of the broader HERE network, including HEREaustin.com, HEREcollegestation.com, HEREdallas.com, HEREhouston.com, HEREgeorgetown.com, and HEREsanantonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
