Silverstone Energy Partners Announces $14 Million Project Equity Financing for Ocean Oil's Acquisition and Development of Permian Basin Properties
HOUSTON, Sept. 20, 2022 -- Silverstone Energy Partners LLC ("Silverstone") provided a project equity financing to fund the acquisition of Delaware Basin New Mexico oil & gas properties by Ocean Oil Corporation ("Ocean"). Ocean is a Denver-based private E&P led by Brooke O'Neal.
Marshall Lynn Bass, Managing Director of Silverstone, said, "We are excited to provide Ocean with capital to purchase and develop this attractive, non-op asset. The asset is at an inflection point, with the operator drilling 39 new horizontal wells in a short period. We benefit from the resultant boost in production while the seller is able to re-direct their CAPEX dollars to other projects."
Brooke O'Neal, Founder and CEO of Ocean, added, "We've established a reputation of consistently closing acquisitions or farm-ins of non-op, unconventional properties to help owners avoid the capital disruption of their own internal project needs. Silverstone has expanded our capabilities even further."
"This acquisition was on the smaller side of our capabilities but has huge strategic value to Brooke and her team," continued Bass. "We stand ready to help them with similar transactions."
About Silverstone – Silverstone Energy Partners LLC ("Silverstone") is a private investment firm focused on upstream and midstream Energy industry investments with offices in Houston, Texas. We invest in US lower-48 transactions with sizes between $5 - $200 million. Typical structures can include senior stretch debt, VPPs, mezzanine, project equity, drilling joint ventures and similar structures. For additional information, please visit us at www.silverstone-energy.net.
About Ocean – Ocean Oil Corporation ("Ocean") is a private Oil and Gas investment firm focused on the acquisition of Non-Operated Working interests and Royalty Interests in the Permian and Delaware Basins. Ocean is headquartered in Greenwood Village, Colorado.
Silverstone was advised by Mark L. Jones of Baker & Hostetler LLP and Ocean was advised by David G. Stolfa, Esq..
This communication is for informational purposes only and is not intended to be an offer or a solicitation of an offer to purchase or sell any security or other investment or an offer or a solicitation of an offer to provide any investment service.
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