Indigo Minerals Completes Capital Raise and Acquisition

April 28, 2016 08:03 AM Eastern Daylight Time businesswire.com

HOUSTON--(BUSINESS WIRE)--Indigo Minerals LLC (“Indigo” or the “Company”) announced today the completion of a $375 million equity capital raise and the acquisition of certain producing properties and undeveloped acreage in the core of the Cotton Valley and Haynesville plays from a private exploration and development company. Pro forma for the acquisition, Indigo holds approximately 160,000 net acres in Northwest Louisiana and East Texas in addition to a significant portfolio of minerals and leasehold interests across 15 states. Indigo is the tenth largest private producer of natural gas in the United States with year-end SEC proved reserves of 1.27 Tcf.

“We are grateful for the support of our new and existing investors and look forward to a fruitful partnership. The acquisition of these properties further enhances Indigo’s leading position in a world class natural gas basin, and presents an exciting opportunity for the Company, its employees and its investors”

The capital raise was led by Trilantic Capital Management L.P. (“Trilantic North America”), which invested $300 million in Indigo, in partnership with the Company’s existing investors, including the Martin Companies, L.L.C. (“Martin Companies”), Yorktown Partners LLC (“Yorktown”) and Ridgemont Equity Partners (“Ridgemont”), who together invested $75 million of additional equity in the Company.

“We are grateful for the support of our new and existing investors and look forward to a fruitful partnership. The acquisition of these properties further enhances Indigo’s leading position in a world class natural gas basin, and presents an exciting opportunity for the Company, its employees and its investors,” said Bill Pritchard, Indigo’s Chairman and CEO.

Indigo was advised by Jefferies LLC and Kirkland & Ellis LLP. Trilantic North America was advised by Latham & Watkins LLP. The Martin Companies were advised by their general counsel, Ray Brown. Yorktown was advised by Thompson & Knight LLP. Ridgemont was advised by Troutman Sanders LLP.

About Trilantic North America

Trilantic North America is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer, energy and financial services sectors. To date, Trilantic North America's energy team has committed approximately $3.1 billion in capital across 22 energy investments. As of December 31, 2015, Trilantic North America currently manages four private equity funds with aggregate capital commitments of $5.7 billion. For more information, visit www.trilantic.com.

 

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The question suggested by these HA Alt wells is, why would Indigo, a CV focused operator, decide to drill HA wells?  Not their expertise.  I think it may have to do with declining production from the BEUSA HA unit wells and a desire to HBP the Haynesville rights which automatically does the same for the CV.  I suspect Indigo will farm out the HA rights when the right deal comes along and they will develop the CV.

Correct.  I have clients with mineral interests in 1 and 12.  They may finally get a bite at the apple.  It does not appear from the database that Indigo has any previous horizontal HA completions.

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