Point Energy Partners II completes Delaware Basin assets sale for $1.1bn
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Point Energy Partners II, a Vortus Investments Advisors portfolio company, has concluded the sale of its Delaware Basin assets to Vital Energy and Northern Oil and Gas (NOG) in a deal valued at $1.1bn.
Vital now owns a 80% stake in Point’s assets, while NOG holds the remaining 20% stake.
The deal between the parties was signed in July 2024.
The assets acquired by Vital and NOG comprise approximately 16,300 net acres and net production of around 30,000 barrels of oil equivalent per day (67% oil).
NOG’s share of the assets, primarily located in Ward County, Texas, includes around 4,000 net leasehold and mineral acres, 26.4 net producing wells, 1.6 net wells-in-process and approximately 12.1 low-breakeven net undeveloped locations.
Following the completion of the transaction, Vital will operate the assets. NOG will collaborate in development through cooperation and joint operating agreements.
Point Energy Partners CEO Bryan Moody said: “We have enjoyed collaborating with and look forward to watching Vital and NOG build upon the success achieved to date on these assets.”
Over a span of six years, Point Energy increased production from an initial 300 net barrels of oil equivalent per day to more than 40,000.
Point Energy Partners senior partner John Sabia said: “The support of our financial partners at Vortus Investment Advisors and our many banking partners was integral to our ability to successfully navigate and benefit from multiple commodity price cycles, culminating in a very positive exit for all parties.”
Founded in 2017, Point Energy Partners is engaged in developing the prolific resources of the Permian Basin.
"Point Energy Partners II completes Delaware Basin assets sale for $1.1bn" was originally created and published by Offshore Technology, a GlobalData owned brand.
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