An affiliate of Eagle Ford-focused oil and gas producer Venado Oil & Gas LLC agreed to acquire the assets of Texas American Resources I LLC from energy-focused private equity investment firm First Reserve Corp.
The companies did not disclose the terms of the deal, according to a June 1 news release. Texas American's oil and gas exploration and production operations are focused in the Eagle Ford Shale of South Texas with an acreage position of 23,000 net acres as of the end of 2017.
First Reserve invested in the company in December 2016, after which Texas American acquired a 12,000-acre initial leasehold position in the black oil window of the Eagle Ford.
BMO Capital Markets Corp. served as Texas American's financial adviser for the deal.
