Mach Natural Resources acquires oil, gas assets in Oklahoma’s Anadarko basin
(WO) – Mach Natural Resources LP has closed the acquisition of certain interests in oil and gas properties, rights and related assets located in certain counties in Oklahoma from Paloma Partners IV, LLC, a privately-held Delaware limited liability company backed by EnCap Investments L.P., and its affiliated companies.
Mach entered into an $825 million term loan credit agreement to fund the purchase price, from a group led by Chambers Energy Management and EOC Partners, and including Mercuria Investments US, Inc., funds managed by Farallon Capital Management LLC, Macquarie Group, and Texas Capital Bank, among other financial institutions as participants, with Texas Capital Bank acting as the administrative agent.
Mach also entered into a $75 million super priority revolving credit facility, led by MidFirst Bank. In connection with closing of the acquisition, Mach used proceeds from the Term Loan Facility and cash on hand to repay the existing amounts outstanding under the previously outstanding revolving credit agreement and such agreement was terminated. As of the closing of the acquisition, the Revolving Credit Facility was undrawn.
Mach Natural Resources LP is an independent upstream oil and gas company focused on the acquisition, development and production of oil, natural gas and NGL reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas and the panhandle of Texas.
