TULSA, Okla.–(BUSINESS WIRE)–Casillas Petroleum Resource Partners, LLC (“Casillas”), a partnership between Casillas Petroleum Corp. and Kayne Anderson Energy Funds (“Kayne Anderson”), announced today that it has closed on the purchase of certain oil and gas assets owned by Chesapeake Energy Corporation in the SCOOP play for a price of $106 million. The assets include an interest in 260 producing wells that cover approximately 12,000 net acres (100% HBP) in Garvin, Grady and McClain Counties, Oklahoma. The transaction will have an effective date of October 1, 2015 and will be subject to customary post-closing adjustments.
Greg Casillas, President and CEO of Casillas said, “This acquisition is a great foundation for Casillas to begin building a significant operated position in one of the top tier resource plays in the lower 48. The HBP nature of the asset gives us optionality as we navigate through this commodity cycle; however, we are excited about the immediate development potential we see in the Woodford and Springer Shales. Additionally, we are extremely pleased to be partnering with Kayne Anderson on this venture. Kayne’s expertise as a capital provider and their extensive knowledge of the industry will be an essential component to the successes of Casillas in the years to come.”
“We are very excited to form a partnership with Casillas as we have been thoroughly impressed with the team’s ability to evaluate and successfully exploit oil and gas assets. The Casillas management team has spent the vast majority of their careers operating and developing assets in the Mid-Continent region and we believe this acquisition provides an excellent platform for the team to deploy their technical expertise and create value in this commodity price environment,” said David Habachy, Managing Director at Kayne Anderson.
Headquartered in Tulsa, Oklahoma, Casillas is a private exploration and production company committed to the further development of onshore domestic oil and gas reserves through exploration and development of drilling projects as well as acquisitions of existing producing assets within the Mid-Continent region. Casillas Petroleum Corp. has been engaged in the oil and gas industry since 1986.
About Kayne Anderson
Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, specialized real estate, middle market credit and growth private equity. Kayne’s investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. Kayne manages $19 billion in assets (as of 2/29/2016) for institutional investors, family offices, high net worth and retail clients and employs more than 300 professionals in eight offices across the U.S.
Through Kayne Anderson Energy Funds, the firm has raised over $5.8 billion of committed capital dedicated to energy private equity investments in primarily upstream and midstream oil and gas companies. Currently, the firm has over 30 active portfolio companies focused on upstream and midstream oil and gas assets across North America.
The firm is headquartered in Los Angeles with offices in Houston, New York City, Chicago, Denver, Dallas, Atlanta and Boca Raton. For more information, please visit www.kaynecapital.com.