Private equity investor Ares Management LP announced in June of 2014 that it will purchase BlackBrush Oil & Gas, an independent Eagle Ford exploration and development company, for an undisclosed amount. The deal includes 160,000 net acres across Dimmit, Frio, Karnes, La Salle, Maverick and McMullen counties.
BlackBrush CEO Scott Martin will continue to lead the 75-employee San Antonio-based company. Co -founder Phil Mezey will also remain involved as an advisor.
Currently, BlackBrush operates over 300 oil and gas wells in South Texas. Estimates on the company's website indicate 50-wells will be drilled over the next year targeting the Eagle Ford, Buda, Austin Chalk, San Miguel, Olmos and Pearsall Shale. With this transaction, more activity may occur inside of the company's drilling target window.
The transaction is expected to close in the the third quarter of 2014.
Another Recent Eagle Ford Transaction Has Ties to BlackBrush Leadership
In June of 2014, Dallas-based Southcross Energy announced it was acquiring San Antonio-based pipeline company TexStar Midstream Services, LP. for $450 million. TexStar was also led by BlackBrush's Martin and Mezey.
The deal includes 3,700 miles of pipeline, four processing plants and three fractionation facilities in the Eagle Ford Shale area. After the transaction closes, a newly formed company, Southcross Holdings LP (“Holdings”) will own 100% of the general partner of Southcross and equity interests in Southcross as well as former TexStar assets.
Read more at blackbrushenergy.com