Find out how Opportune added value by advising Ring Energy on the completion of its acquisition of the assets of privately-held Stronghold Energy II Operating LLC and Stronghold Energy II Royalties LP.
Ring Energy Inc. (“REI”) recently announced the completion of its acquisition (the “Transaction”) of the assets of privately-held Stronghold Energy II Operating LLC and Stronghold Energy II Royalties LP (collectively, “Stronghold”). Stronghold’s operations are located primarily in Crane County, Texas, and focused on the development of approximately 37,000 net acres in the Permian Basin’s Central Basin Platform (“CBP”).
Opportune’s Valuation, Complex Financial Reporting, and Transactional Due Diligence practice areas performed the following functions in connection with REI’s acquisition of Stronghold’s assets and the associated hedge book:
Valuation – Opportune’s Valuation team assisted with purchase price allocation services and the estimation of the fair value of oil and gas properties by reserve category.
Complex Financial Reporting – Opportune’s Complex Financial Reporting team assisted with technical accounting and financial reporting advisory, including the following:
Transactional Due Diligence – Opportune’s Transactional Due Diligence team assisted with the following:
Our consultants are industry experts with a wealth of knowledge and experience in the technical aspects of all forms of financial transactions involving the energy sector, including the accounting, reporting, and economic structuring of corporate mergers and asset acquisitions, reverse mergers, joint ventures, and structured debt and equity capital financings. We bring value to our clients on the transaction advisory assignments through the execution of each critically important component we are assigned.
Headquartered in The Woodlands, Texas, Ring Energy Inc. is an oil and gas exploration, development, and production company with current operations focused on the conventional development of its Permian Basin assets in West Texas and New Mexico.
Stronghold Energy II Operating LLC is majority owned by Warburg Pincus LLC, a leading growth investor (“Warburg Pincus”). Collectively, Stronghold’s owners now are Ring’s largest stockholder. Ring’s Board of Directors has been expanded from seven to nine directors, including two members proposed by Stronghold.
When you choose Opportune, you gain access to seasoned professionals who not only listen to your needs, but who will work hand in hand with you to achieve established goals. With a sense of urgency and a can-do mindset, we focus on taking the steps necessary to create a higher impact and achieve maximum results for your organization.Leadership