OKLAHOMA CITY–(BUSINESS WIRE)–Sep 7, 2021–
BCE-Mach III LLC recently closed an acquisition of approximately 18,200 net acres (98 percent held by production) of producing properties primarily across Blaine, Custer and Dewey Counties, Oklahoma. The bolt-on acquisition includes approximately 4,400 net royalty acres and approximately 17mmcfe/d of production.
BCE-MACH Wells Drilled File Download
BCE-Mach III LLC was formed in early 2020 and has now closed on four separate acquisitions across the Anadarko Basin. In total, Bayou City Energy Management LLC (“BCE”) and Mach Resources LLC (“Mach”) have made nine separate acquisitions since 2018 across the three BCE-Mach portfolio companies (collectively “BCE-Mach”).
BCE-Mach anticipates generating more than $300 million of operating cash flow in 2021 with a net debt to EBITDA multiple of less than 0.2x.
“We remain active and successful in closing acquisitions that fit out profile,” said CEO Tom Ward. “In early 2021, BCE-Mach made a concerted effort to add natural gas reserves to our portfolio. Our last two acquisitions were over 70 percent weighted toward natural gas while prices have increased more thn 80 percent this year.”
“Our low-leverge profile allows the BCE-Mach enterprise to remain flexible with respect to hedging and shareholder distributions and opportunistic with respect to developmental operations and acquisitions,” said Will McMullen, Founder & Managing Partner at BCE. “The disciplined approach we’ve employed on all the above will continue to allow us to efficiently grow our already vast position in Mid-Continent.”
Mach is an independent oil and natural gas producer focused on acquiring, exploring and developing high-return, low-cost projects. Founded in January 2017, the company pursues assets with production history and development opportunity. Mach is headquartered in Oklahoma City, OK with 80 corporate team members and 220 field team members across seven field offices.