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Energy Sector

Upstream

We know upstream oil and gas.

Global energy demand and technological innovation drive upstream companies to explore great new depths in challenging geologic settings.

Opportune is skilled in upstream and can help with:

  • Mergers & Acquisitions
  • Financial Reporting
  • Corporate Strategy
  • Portfolio Optimization
  • Performance Benchmarking
  • Due Diligence & Valuation
  • Technology Review
  • Cost Savings

We are leading engineering consultants.

World-class oil and gas consultants routinely engaged in upstream exploration, supply chain, and commercial segments are available for expert analysis of:

  • Reservoir Performance
  • Minerals Land Management
  • Gas Imbalance Positions
  • Hydrocarbon Inventories Valuation
  • Extrapolated Errors

We are focused on the success of your assets.

With our knowledge of commercial operations, financial transactions, and the regulatory environment specific to the upstream, our team carefully evaluates:

  • Transactions & Valuations
  • Allocation Errors
  • Purchase Price Adjustments
  • Expenditure Transactions
  • Cost Allocations
  • Trend Analysis of Reported Revenue Receipts
  • Balance Sheet Balances
  • Pre-Effective Date Charges
  • Working Interest Cutback Discrepancies
  • Allocation Errors

Case Studies

Upstream/Oilfield Services: Investment Banking: Turnbridge Capital: Fairness Opinion For Private Equity Portfolio Company Merger

Find out how Opportune Partners LLC added value by providing a fairness opinion for a private equity portfolio company merger. [...]

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Upstream: Restructuring/Investment Banking: Renaissance Offshore: Financial Advisor In Out-Of-Court Restructuring

Upstream: Restructuring/Investment Banking: Renaissance Offshore: Financial Advisor In Out-Of-Court Restructuring Renaissance Offshore (“the Company”) was founded in December 2011 as an acquirer and developer of legacy oil fields in the… [...]

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UPSTREAM: CORPORATE FINANCE: FINAL SETTLEMENT STATEMENT AND TRANSITION SERVICES STATEMENT REVIEW

A Houston-based, private-equity backed exploration and production company (the Company) is focused on the acquisition and development of producing oil and gas assets in North America. The Company purchased offshore properties located in the Gulf of Mexico from an undisclosed seller (the Seller) ef... [...]

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UPSTREAM: OUTSOURCING/TRANSACTIONAL DUE DILIGENCE: ASSET TRANSACTION/TRANSITION

“Project Charlie” was an asset acquisition led by a leadership team backed by a private equity (PE) firm. The leadership team was assembled for this transaction and it didn’t hold any other assets previously. The asset consisted of 1,000 operated wells and 400 non-operated wells that included lease... [...]

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UPSTREAM: TRANSACTIONAL DUE DILIGENCE: TRANSACTION ADVISORY MERGER SERVICES

Two oil and gas operators, one public and one private, completed a merger in February 2019 to combine into a new publicly traded operating entity under a different name. The new company is focused on developing unconventional resources in the Marcellus/Utica shale plays. Opportune was engaged to pr... [...]

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UPSTREAM: TRANSACTION SUPPORT: SMASH-CO

In August 2019, Opportune was engaged to provide advisory services and aid in the consolidation of a private equity investment firm’s (“Private Equity Firm”) current portfolio. Private Equity Firm operates… [...]

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UPSTREAM: TRANSACTIONAL ADVISORY/SUPPORT: SYSTEM CONVERSION – EXCALIBUR TO OGSYS

The Company is a privately held oil and gas company with exploration and production (E&P) operations focused on offshore Gulf of Mexico (GoM). In May 2019, the Company engaged Opportune to complete a conversion of the acquired company’s master data and transaction history from Excalibur to OGsys, t... [...]

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Upstream: Transactional Advisory: Merger Integration

Find out how Opportune added value to an upstream company by delivery merger integration solutions. [...]

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UPSTREAM: COMPLEX FINANCIAL REPORTING: REVENUE RECOGNITION & LEASE ACCOUNTING IMPLEMENTATIONS

A private E&P company (“the Company”) is expanding through an asset acquisition and development in the Eagle Ford Basin. The Company engaged Opportune’s Complex Financial Reporting professionals to assist with its revenue recognition (“ASC 606”) and lease accounting (“ASC 842”) implementations in c... [...]

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UPSTREAM: RESTRUCTURING: PETROQUEST ENERGY: CHAPTER 11 BANKRUPTCY REORGANIZATION

Lafayette, Louisiana-based PetroQuest Energy Inc. (“the Company”) operates as an independent oil and gas company in Texas and Louisiana. In November 2018, The Company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Houston, citing a reorganization plan to eliminate $204.5... [...]

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UPSTREAM: RESTRUCTURING: GASTAR EXPLORATION: FINANCIAL ADVISOR FOR RESTRUCTURING & REORGANIZATION

In late October 2018, Gastar engaged Opportune after it had entered into a restructuring support agreement (“RSA”) with certain holders of Claims and Interests, including the Term Lender, the Second Lien Noteholders and certain holders of Existing Common Interests. To implement the terms of the RSA... [...]

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UPSTREAM: PROCESS & TECHNOLOGY: ASSET MAINTENANCE & SERVICE APP

The company engaged Opportune to implement a system that would serve as a central hub for all information and activities related to asset service and inspections. Building on the inherent strengths of the Salesforce platform, Opportune recommended, implemented and customized Salesforce Field Servic... [...]

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UPSTREAM: RESERVE ENGINEERING & GEOSCIENCES: 3P RESERVE REPORT & TECHNICAL EVALUATION

Ralph E. Davis Associates (RED) professionals added value by conducting a review of all data and information associated with certain producing oil and natural gas properties in the Eagle Ford play in Texas in which the client has an ownership position. RED used the guidelines for reserve classifica... [...]

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UPSTREAM: COMPLEX FINANCIAL REPORTING: UNDISCLOSED: FROM ZERO TO IPO

A privately held, Oklahoma-based E&P company (“the Company”) is focused on developing horizontal play concepts in the SCOOP/STACK shale play. The Company built a sizable acreage position, including producing horizontal and vertical wells, through a successful greenfield leasing effort and the manag... [...]

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UPSTREAM: TRANSACTIONAL DUE DILIGENCE/OUTSOURCING: COMPREHENSIVE TRANSACTIONAL ADVISORY

A private equity-backed startup (“the Company”) consisting of three executive personnel—Chief Executive Officer, Chief Operational Officer and Chief Development Officer—purchased approximately 1,500 operated wells and 2,500 non-operated wells, along with associated midstream assets, for $190 millio... [...]

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UPSTREAM: TRANSACTIONAL DUE DILIGENCE: UNDISCLOSED: BUY-SIDE DUE DILIGENCE

An undisclosed global producer of chemicals (“the Company”) recently entered the oil and gas exploration and production business by acquiring 43,686 net acres, including leasehold interest in 107 wells, in the Austin Chalk and Eagle Ford fairways of the established Giddings Field for $30.0 million.... [...]

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UPSTREAM: PROCESS & TECHNOLOGY: UNDISCLOSED: ADVOCACY STRATEGIC ENGAGEMENT APP ON SALESFORCE

One of the largest independent oil and gas companies in the world with significant proven reserves in North America had a growing awareness of the opportunity and responsibility to influence third-party organizations that drove policy and regulatory decisions. Government, industry and advocacy orga... [...]

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UPSTREAM: RESERVE ENGINEERING & GEOSCIENCES: UNDISCLOSED: ASSET REVIEW & TECHNICAL EVALUATION

A global investment management corporation based in New York engaged Ralph E. Davis Associates (RED) to conduct technical evaluations and asset reviews of an oil property located in the East Shetland Basin in the UK Northern North Sea. This property is a redevelopment of a prematurely decommissione... [...]

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UPSTREAM: COMPLEX FINANCIAL REPORTING: UNDISCLOSED: FULL COST TO SUCCESSFUL EFFORTS CONVERSION

A Houston-based oil and gas exploration company engaged Opportune in 2017 to assist with the conversion from full cost to the successful efforts method of accounting for oil and gas properties for fiscal years ended December 31, 2011 through 2017. The successful efforts method of accounting is pref... [...]

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UPSTREAM: COMPLEX FINANCIAL REPORTING: JONAH ENERGY: FINANCIAL REPORTING, FINANCIAL PLANNING & ANALYSIS

Jonah Energy LLC (“Jonah”) is an exploration and production (“E&P”) company. Jonah acquired the Jonah Field located in Sublette County, Wyoming from Encana Corp. on May 12, 2014. At the time of the Encana acquisition, Jonah had a skeleton management team and limited infrastructure for operating an ... [...]

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UPSTREAM: OUTSOURCING: UNDISCLOSED COMPANY: HEDGE EXECUTION/ASSET ACQUISITION

Opportune LLP was approached by an oil and gas exploration and production company (“Producer Co.”) that was seeking assistance to develop a hedging program associated with a new asset acquisition. Producer Co. engaged Opportune to provide risk management advisory and hedge execution services neede... [...]

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UPSTREAM: OUTSOURCING: UNDISCLOSED COMPANY: HEDGE REPORTING OF FOREIGN CURRENCY & INTEREST RATES

Opportune LLP was engaged by an upstream oil and gas producer (OIL Co.) to assist with the implementation of hedge reporting for their Euro-denominated expenses related to purchases of field equipment from European firms. OIL Co. is a U.S.-dollar functional currency entity that is exposed to curren... [...]

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UPSTREAM: RESTRUCTURING: FIELDWOOD ENERGY: CHAPTER 11 BANKRUPTCY

Fieldwood Energy LLC, a Houston-based, private-equity backed exploration and production company (the Company), is focused on the acquisition and development of oil and gas assets in the Gulf of Mexico region. On February 14, 2018, the Company filed for chapter 11 bankruptcy protection in the Southe... [...]

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UPSTREAM: PROCESS & TECHNOLOGY: ASSALA ENERGY IT TRANSITION

Assala Energy is an oil and gas exploration company, backed by Carlyle Group, focused on opportunities in Sub-Saharan Africa. The Assala Energy strategy was to invest in mid-life and mature assets to increase production and extend field lifecycles, while prioritizing integrity, safety and responsib... [...]

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UPSTREAM: COMPLEX FINANCIAL REPORTING: DERIVATIVES VALUATION

Parsley Energy Inc. (Parsley) is an exploration and production company with operations in the Permian Basin and is based in Midland, Texas. Opportune was engaged to assist Parsley through its initial public offering (IPO) process, including filing a registration statement on Form S-1 (S-1) with th... [...]

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UPSTREAM: TAX: GMX RESOURCES INC.

GMX Resources Inc. (GMXR) is a publicly-traded, independent oil and gas exploration and production company based in Oklahoma City, Oklahoma that developed acreage in Williston Basin, Denver Julesburg Basin, Haynesville/Bossier and Cotton Valley Sand formations. On April 1, 2013, GMXR filed a joint... [...]

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UPSTREAM: OUTSOURCING

Cantera Energy LLC (Cantera), an investment portfolio company of Kayne Anderson Energy Funds, is an independent oil and gas company focused on the acquisition and development of properties with identified exploration and development upside in the onshore Gulf Coast Regions. The Houston-based compan... [...]

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UPSTREAM: RESERVE ENGINEERING & GEOSCIENCES: RESERVE EVALUATION SERVICES

In 2014, the U.S. Department of Energy (DOE), the prime contractor in support of the Rocky Mountain Oilfield Testing Center (RMOTC), engaged Ralph E. Davis Associates (Davis) to provide an evaluation report of the Naval Petroleum Reserve No.3 (historically known as the Teapot Dome Oil Field), locat... [...]

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UPSTREAM: CORPORATE FINANCE: VALUATION ADVISORY SERVICES

Fieldwood Energy, LLC. (Fieldwood) is a Houston-based portfolio company of Riverstone Holdings, LLC. (Riverstone), focused on the acquisition and development of conventional oil and gas assets in North America, including the Gulf of Mexico. On September 30, 2013, Fieldwood acquired Apache Corporati... [...]

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UPSTREAM: CORPORATE FINANCE: PURCHASE PRICE ALLOCATION

Midstates Petroleum Company, Inc. (Midstates) is an independent exploration and production company focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously discovered, yet underdeveloped hydrocarbon trends. Midstates is headquartered in Ho... [...]

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UPSTREAM: COMPLEX FINANCE REPORTING: IPO

Founded in 2008, Parsley Energy, Inc. (Parsley) is an independent oil and natural gas company with operations in the Permian Basin, where they develop unconventional oil and natural gas reserves. Over the past several years, Parsley has grown from a two-person start-up to a large-scale corporation... [...]

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UPSTREAM: TAX: PARSLEY ENERGY INC.

Parsley Energy Inc. (Parsley), is an exploration and production company withoperations in the Permian Basin and is based in Midland, Texas. Opportune wasengaged to assist Parsley through its initial public offering (IPO) process, includingfiling a registration statement on Form S-1 (S-1) with the ... [...]

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UPSTREAM: DISPUTE RESOLUTION

Opportune was engaged as a subject matter expert in a dispute between partners of an oil and gas company. The matter involved two joint operating partners, one, the financial backer, and the other, the operational partner. Our Client, a third-party accountant for other joint interest owner responsi... [...]

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UPSTREAM: ENTERPRISE RISK

A privately held global financial services firm was considering extending additional debt to one of the oil and gas exploration and production (E&P) companies in its investment portfolio. Headquartered in Knoxville, Tennessee, the E&P Company focuses its operations in Cook Inlet, Alaska and the App... [...]

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UPSTREAM: PROCESS & TECHNOLOGY: ROYALTY & ACCOUNTING REPORTING

University Lands, a department of The University of Texas (UT) System, manages the system’s mineral interests and surface rights to approximately 2.1 million acres located primarily in the Permian Basin. As a result of the shale boom in West Texas, University Lands recognized the need for more stre... [...]

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UPSTREAM: ENERGY ADVISORY SERVICES FOR PRIVATE CAPITAL: CRISIS MANAGEMENT

The Undisclosed E&P Company (The Company) is the Holder of strategic assets primarily in the shallow waters of the Gulf of Mexico. The Company’s focus is on acquisitions, production enhancements,… [...]

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UPSTREAM: OUTSOURCING

Memorial Production Partners LP (Memorial) is a publicly traded limited partnership that was formed in 2011 to own, acquire and exploit oil and natural gas properties in North America. Memorial acquired its initial assets from three separate operating companies of Natural Gas Partners (NGP) in Dece... [...]

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UPSTREAM: CORPORATE FINANCE: DUE DILIGENCE

EnerVest is one of the 25 largest oil and gas companies in the United States, with more than 27,000 wells across 16 states, 5.5 million acres under lease, and more than $10 billion in assets under management. EnerVest has been a successful sponsor for over 20 years as an operating company for insti... [...]

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UPSTREAM: STRATEGY & ORGANIZATIONAL DESIGN

University Lands, a department of the University of Texas System’s Office of Business Affairs, manages the Permanent University Fund lands and all operations therein. University Lands’ operations include both the mineral interests and surface rights for approximately 2.1 million acres, primarily in... [...]

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UPSTREAM: RESTRUCTURING

ATP Oil & Gas Corporation (“ATP”), a publicly traded U.S. corporation with oil and gas operations in the Gulf of Mexico, engaged Opportune to serve as a financial advisor during the company’s bankruptcy. ATP has a complex capital structure involving multiple levels of secured debt and other unique ... [...]

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UPSTREAM: COMPLEX FINANCIAL REPORTING

Midstates Petroleum (Midstates) is an upstream company focused on the acquisition and development of domestic oil and gas properties. Initially recapitalized with private equity capital from a major private equity group, Midstates’ management team engaged Opportune to manage the financial reporting... [...]

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Upstream: Investment Banking: Sell-Side Advisory

Upstream: Investment Banking: Sell-Side Advisory In March 2020, Opportune Partners LLC (“Opportune Partners”) was engaged by Echo Energy Partners I LLC (“EEPI”) to serve as exclusive sell-side advisor to EEPI… [...]

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