DALLAS, May 1, 2015 /PRNewswire/ -- Aethon Energy
Management LLC ("Aethon" or the "Firm"), a Dallas-based private investment firm focused
on onshore oil & gas, together with its partner, RedBird
Capital Partners, LLC ("RedBird"), today announced the acquisition
of the Moneta Divide assets from Encana Oil & Gas (USA) Inc., a wholly-owned subsidiary of Encana
Corporation (Encana) (TSX: ECA) (NYSE: ECA). Terms of the
negotiated transaction were not disclosed.
The Moneta Divide assets comprise approximately 188,000 net
acres in Wyoming in the Wind River
Basin. The asset is a low-risk resource with a long reserve
life and low cost drilling opportunities.
Aethon was founded in 1990 by Albert
Huddleston to acquire and develop oil & gas assets in
North America. The Firm is led by a team of veteran oil &
gas professionals with significant operational experience across
North America. With the
acquisition of the Moneta Divide assets, Aethon will continue its
long track record of best-in-class operations in an environmentally
responsible manner.
Aethon Partner, Gordon
Huddleston, commented, "Aethon has a legacy of operating in
the Rockies. We are pleased to expand our holdings with these
operated assets in the Wind River Basin and welcome 42 talented new
employees to our team. The staff at Encana has been great to
work with throughout this process. Additionally, we have
enjoyed the opportunity to partner with RedBird on this transaction
and look forward to working with them in the future."
RedBird Partner, Hunter
Carpenter, said, "Aethon is a skilled and responsible
operator, and we believe this is an attractive opportunity to
develop a unique asset with solid cash-flow characteristics.
We are excited to have partnered with Aethon on this transaction
and look forward to continuing to participate in growing their
platform through strong operations and acquisition
opportunities."
Aethon was advised by Capital One Securities, Inc., Crowley
Fleck PLLP, and Weil, Gotshal & Manges LLP. RedBird was
advised by Evercore and Gardere Wynne Sewell LLP.
About Aethon Energy
Aethon Energy Management LLC is a Dallas, Texas-based private investment firm
that has managed over $1.0 billion in
AUM and is focused on direct investments in North American onshore
oil & gas assets. Since its inception in 1990, Aethon has
maintained a focus on acquiring underappreciated assets where
opportunities exist to add value through lower risk development,
operational enhancements, and Aethon's proprietary technical
knowledge. Aethon's 25-year track record spans multiple
energy cycles and has consistently provided compelling asymmetric
returns for its institutional and high net worth investors through
disciplined buying and value creation. For more information,
go to www.AethonEnergy.com.
About RedBird Capital Partners
RedBird Capital Partners LLC is a New
York and Dallas based
principal investment firm focused on providing flexible, long-term
capital in growth equity, build-up, and structured equity
investments to help entrepreneurs grow their businesses.
RedBird seeks investment opportunities in growth-oriented
private companies in which its capital, investor network, and
strategic relationships can help prospective business owners
outperform operationally, financially and strategically by virtue
of RedBird's involvement. For more information, go to
www.RedBirdCap.com.
Media:
Aethon Energy:
Media Relations
Mary Hite, 214-750-3826
press@AethonEnergy.com
or
RedBird Capital Partners:
Sard Verbinnen & Co
Dan Gagnier/Devin Broda
212-687-8080
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SOURCE RedBird Capital Partners