Sale includes approximately 29,000 net acres in San Augustine and Shelby Counties, Texas, with ownership interests in 25 operated wells, approximately 100 MMcf/d of production, and control of associated gas gathering pipelines

FORT WORTH, Texas--(BUSINESS WIRE)--

Pine Wave Energy Partners, LLC (“Pine Wave”), a portfolio company of Old Ironsides Energy, announced today 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, through the sale of its wholly owned subsidiary, PWEP Shelby Trough, LLC. The transaction includes assets located in San Augustine and Shelby Counties, Texas, which consist of ownership interests in 25 operated wells across approximately 29,000 net acres with approximately 100 million cubic feet per day (MMcf/d) of net production. The transaction also includes a controlling interest in certain natural gas gathering pipelines located in San Augustine County.

“This transaction marks our second successful monetization in just over three years and is a testament to our team’s ability to source, aggregate, and develop high-quality assets in complex operating environments,” said Ben Hunter, Co-founder and Chief Executive Officer of Pine Wave. “This deal with Rockcliff is a true reflection not only of the strength of our strategy, but the dedication of our team and the support of our partners at Old Ironsides.”

“We are pleased to acquire these high-quality integrated assets with development inventory in both the Bossier and Haynesville shales,” said Sheldon Burleson, President and Chief Executive Officer of Rockcliff Energy III. “This transaction establishes Rockcliff Energy III with a significant production base, multiple years of stacked pay development runway, and ownership in associated gas gathering pipelines. We look forward to building upon the foundation Pine Wave has laid as we continue to grow our footprint in one of the most prolific and strategic natural gas basins in the country.”

“This is a continuation of the Rockcliff playbook,” said Alan Smith, Founder and Executive Chairman of Rockcliff Energy III. “These Pine Wave assets allow Rockcliff to strategically acquire quality natural gas assets with significant development inventory and midstream optionality where we can apply our Haynesville expertise and exceptional execution capabilities to grow production, build a business of scale, and create value for our investors.”

Headquartered in Dallas/Fort Worth, Pine Wave was founded in 2018 by Ben Hunter, Chief Executive Officer; Ben Voigt, Executive Vice President; and Stephen O’Neal, Executive Vice President and General Counsel. This transaction is the second successful asset monetization for the Pine Wave team in the past three and a half years following a 2022 transaction with Silver Hill Energy Partners. With the completion of the transaction, the Pine Wave team plans to pursue a new platform, having already acquired more than 10,000 net acres in the Haynesville Shale to grow and develop.

Jefferies LLC served as exclusive financial advisor to Pine Wave. Legal counsel was provided by Akin Gump Strauss Hauer & Feld LLP for Pine Wave and Kirkland & Ellis LLP for Rockcliff.

About Pine Wave Energy Partners, LLC

Pine Wave Energy Partners, LLC is a privately held energy company strategically focused on exploring and developing unconventional oil and natural gas resources across select regions of east Texas and northwest Louisiana. For more information on the company, please visit pinewaveep.com.

About Old Ironsides Energy, LLC

Old Ironsides Energy, LLC is an energy-focused private equity firm that partners with experienced management teams to pursue upstream and midstream opportunities in North America. The firm has a history of creating value in the energy business through its private equity and drilling joint venture platforms. For more information, please visit oldironsidesenergy.com.

About Rockcliff Energy III LLC

Rockcliff Energy III is a recently formed oil and natural gas company backed by equity commitments from our long-time financial sponsor, Quantum Capital Group. The Rockcliff management team possesses an extensive history of responsibly operating unconventional oil and natural gas assets of significant scale in the Lower 48 United States, notably in the East Texas Haynesville Shale. For more information on Rockcliff Energy III, please visit www.rockcliffenergy.com.

About Quantum Capital Group

Founded in 1998, Quantum is a leading provider of private capital to the global energy and energy transition industry, having managed together with its affiliates more than $30 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

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Source: Pine Wave Energy Partners, LLC