White Knight Production LLC Acquires Producing Assets in San Joaquin Basin
LAFAYETTE, La., June 17, 2015 /PRNewswire/ -- White Knight Production LLC ("WKP"), a private independent oil and gas company headquartered in Lafayette, LA, announced the recent acquisition of producing oil fields within the prolific San Joaquin Basin, California. The fields consist of multiple stacked reservoirs across ~11,500 net acres and produced approximately 430 net barrels of oil equivalent per day (97% oil) during the first quarter of 2015. The properties will be operated and managed by WKP which was formed as a partnership between Bayou City Energy, L.P. ("Bayou City"), White Knight Resources, LLC ("White Knight"), and a legacy White Knight individual investor, Benton Knobloch.
The assets consist of three proximally situated oil fields in Fresno County, within the San Joaquin Basin, which has supported major oil and gas extraction for more than a century. The fields have aggregately produced over 120 million barrels of oil since being discovered in the 1940s. WKP plans to expand the existing production and reserves through drilling, workovers, and enhanced field operating efficiency. WKP's CEO, Jerry Wenzel, noted, "This acquisition, which is the first for WKP, represents precisely the value opportunity we set out to realize at our founding, with profitable field operations, numerous options for low-cost optimization, and upside potential through continued exploitation drilling and the application of modern technology."
About White Knight Resources, LLC
White Knight Resources, LLC is a private, independent oil and gas company with an operational strategy to extend field development through drilling, workovers and enhanced field operating efficiency. White Knight's strategic focus is primarily onshore conventional oil. White Knight is committed to safe operations, utilizing the most efficient and effective operational processes, while meeting and exceeding government regulatory requirements. White Knight will continue to make quality acquisitions and further develop producing properties in California, Louisiana and Texas.
For more information, please visit http://www.whiteknightresources.com.
About Bayou City Energy, L.P.
Bayou City, formed in 2015, invests in lower middle-market companies in the E&P industry. Bayou City targets privately negotiated investments through two complementary strategies: Providing buyout and growth equity capital for small operators with current production, and partnering with leading operators to provide dedicated drilling capital in off-balance sheet structures. The WKP acquisition represents the first investment by Bayou City.