Pine Wave Sale of Haynesville Assets
It appears that Pine Wave has sold Haynesville assets in San Augustine and other counties to Rockcliff Energy (Houston). Anybody know anything about Rockcliff? Would this normally be a good thing or a bad thing? Thanks in advance for any information.
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Permalink Reply by Skip Peel - Mineral Consultant -
Rockcliff has been a Haynesville Shale focused operator for a number of years. They have enough experience to operate the Pine Wave assets. Also when these sales occur the buyer often retains certain important members of the management and science staffs of the seller. The only issue may be the pace of drilling going forward. If Rockcliff used debt to acquire the Pine Wave assets the company may have to drill more than they would like to service the debt in a low price environment. Another unknown is whether the Pine Wave production was hedged.
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