Key Takeaways
- • Pine Wave Energy Partners, a portfolio company of Old Ironsides Energy, closed the sale of its East Texas assets to Rockcliff Energy III LLC, a portfolio company of Quantum Capital Group, via the sale of its wholly owned subsidiary PWEP Shelby Trough, LLC.
- • The package includes ownership interests in 25 operated wells across approximately 29,000 net acres in San Augustine and Shelby Counties, Texas, with roughly 100 MMcf/d of net production.
- • The transaction also conveys a controlling interest in certain natural gas gathering pipelines located in San Augustine County.
- • The deal is Pine Wave's second monetization in just over three years, following a 2022 transaction with Silver Hill Energy Partners.
- • Jefferies LLC served as exclusive financial advisor to Pine Wave; Akin Gump Strauss Hauer & Feld and Kirkland & Ellis acted as legal counsel to Pine Wave and Rockcliff, respectively.
Summary
Pine Wave Energy Partners, LLC ("Pine Wave"), a Dallas/Fort Worth-based portfolio company of Old Ironsides Energy, announced that it has closed on the sale of its East Texas assets to Rockcliff Energy III LLC ("Rockcliff"), a portfolio company of Quantum Capital Group, according to a Business Wire release. The transaction was executed through the sale of Pine Wave's wholly owned subsidiary, PWEP Shelby Trough, LLC.
The assets sit in San Augustine and Shelby Counties, Texas, and consist of ownership interests in 25 operated wells spanning approximately 29,000 net acres, with about 100 million cubic feet per day (MMcf/d) of net production. The deal also includes a controlling interest in certain natural gas gathering pipelines in San Augustine County, giving the buyer midstream optionality alongside upstream production.
Pine Wave CEO Ben Hunter described the transaction as the company's second successful monetization in just over three years, citing the team's ability to source, aggregate and develop high-quality assets in complex operating environments. The release notes the prior 2022 transaction was with Silver Hill Energy Partners. Following the close, the Pine Wave team plans to pursue a new platform and has already acquired more than 10,000 net acres in the Haynesville Shale.
Sheldon Burleson, President and CEO of Rockcliff Energy III, said the acquired assets include development inventory in both the Bossier and Haynesville shales and establish a significant production base with multiple years of stacked-pay development runway. Founder and Executive Chairman Alan Smith characterized the deal as a continuation of the Rockcliff playbook, applying the company's Haynesville expertise to grow production. Rockcliff describes itself as a recently formed oil and natural gas company backed by equity commitments from Quantum Capital Group, which has managed more than $30 billion in equity commitments since its 1998 founding.
Jefferies LLC was exclusive financial advisor to Pine Wave. Akin Gump Strauss Hauer & Feld LLP represented Pine Wave, and Kirkland & Ellis LLP represented Rockcliff. Financial terms of the transaction were not disclosed in the release.
The assets sit in San Augustine and Shelby Counties, Texas, and consist of ownership interests in 25 operated wells spanning approximately 29,000 net acres, with about 100 million cubic feet per day (MMcf/d) of net production. The deal also includes a controlling interest in certain natural gas gathering pipelines in San Augustine County, giving the buyer midstream optionality alongside upstream production.
Pine Wave CEO Ben Hunter described the transaction as the company's second successful monetization in just over three years, citing the team's ability to source, aggregate and develop high-quality assets in complex operating environments. The release notes the prior 2022 transaction was with Silver Hill Energy Partners. Following the close, the Pine Wave team plans to pursue a new platform and has already acquired more than 10,000 net acres in the Haynesville Shale.
Sheldon Burleson, President and CEO of Rockcliff Energy III, said the acquired assets include development inventory in both the Bossier and Haynesville shales and establish a significant production base with multiple years of stacked-pay development runway. Founder and Executive Chairman Alan Smith characterized the deal as a continuation of the Rockcliff playbook, applying the company's Haynesville expertise to grow production. Rockcliff describes itself as a recently formed oil and natural gas company backed by equity commitments from Quantum Capital Group, which has managed more than $30 billion in equity commitments since its 1998 founding.
Jefferies LLC was exclusive financial advisor to Pine Wave. Akin Gump Strauss Hauer & Feld LLP represented Pine Wave, and Kirkland & Ellis LLP represented Rockcliff. Financial terms of the transaction were not disclosed in the release.
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