American Oil and Gas Reporter - December 2024 - 19

IndustryDigest
According to IPAA, Justin Cope,
president and CEO of Flywheel Energy
LLC, will continue as IPAA vice
chairman. Other appointments are:
· Jonny Heins, senior director of
corporate affairs at Permian Resources,
is an at-large director.
· Cye Cooper Wagner, executive
vice president of exploration for Cooper
Oil & Gas Inc., is an at-large director.
· Matthew White, vice president of
accounting and commercial for Burk
Royalty Co. Ltd., is North Texas
regional director.
· Kate Farr, senior director of
government affairs at Occidental
Petroleum, is chair of the IPAA Land &
Royalty Committee.
· Andrew Vecera, director of
advocacy services at Ryan LLC, is chair
of the IPAA Tax Committee.
" The organizations these industry
leaders are a part of show the breadth of
our industry and IPAA, from small to
large independent producers with
operations in basins across the country
providing energy to Americans, " reflects
IPAA President and CEO Jeff
Eshelman. " The IPAA team is grateful
to have these men and women
contribute their expertise and talent to
our association. " ❒
Western Energy Alliance
Lauds Struna With Award
DENVER-The Western Energy
Alliance has honored Steve Struna,
president and chief executive officer of
Bayswater Exploration and Production
LLC, with its Wildcatter of the Year
award in recognition of his 40 years of
achievements in business and
community engagement. As the 39th
recipient of the Wildcatter award, he was
formally celebrated at the Alliance's
Wildcatter of the Year gala on Nov. 2.
According to the association, before
Struna founded Bayswater 20 years ago,
his experience included overseeing
BP/Amoco's U.S. Gulf Coast
operations, its Central Alberta
Midstream joint venture with Chevron
in Canada, and its Central North Sea
development efforts. Since starting
Bayswater in 2004, Struna and his
partners have managed assets in
California, Colorado, Texas, Wyoming,
Montana and other locations across the
United States.
" I am honored and humbled to be
recognized by my peers as this year's
Wildcatter, " Struna relates. " Over the
years, I have worked with many of the
previous recipients of this prestigious
award, learning a lot from their
leadership and friendship. It is truly
special to me to receive this year's
Wildcatter of the Year. "
According to the Alliance,
Bayswater is a Colorado-based oil and
gas producer that owns and operates
assets principally in the DenverJulesburg
and Permian basins. It
produces 65,000 barrels of oil
equivalent a day from about 80,000 net
operated acres. Bayswater also is a
registered investment adviser and is
privately capitalized through a series of
natural resource funds that Struna and
his partners raise primarily from
endowments, foundations, pension
funds and family offices. ❒
FourPoint, Partners Buy
Ovintiv's Uinta Acreage
HOUSTON-FourPoint Resources
LLC, Quantum Capital Group and
Kayne Anderson have partnered to sign
a purchase and sale agreement to
acquire Ovintiv Inc.'s Uinta Basin assets
for $2.0 billion in cash. FourPoint says
the assets include 126,000 net acres and
production of 29,000 barrels a day.
" The Uinta Basin boasts a unique
combination of attributes that make it an
exceptional asset, including several
thousand feet of hydrocarbon-rich
reservoirs, premium quality crude oil,
and a long history of stakeholder
alignment, " says Eric Eichler, chief
operating officer of FourPoint.
Ajay Khurana, co-president of
Quantum, suggests the maturation of
U.S. unconventional resource plays
makes assets with multiple decades of
high-return, undrilled inventory similar
to Ovintiv's exceedingly rare.
" We are excited to partner with
FourPoint and Quantum in acquiring
Ovintiv's Uinta Basin assets, " adds
Mark Teshoian, managing partner and
co-head, energy private equity, at Kayne
Anderson. " This collaboration unites a
team with a proven track record of
operational excellence and strategic
vision. The Uinta Basin assets are truly
exceptional, offering a robust
production base and a large portfolio of
highly economic drilling locations. " ❒
Diamondback, TRP Swap
Delaware, Midland Acres
MIDLAND-Diamondback Energy
Inc. and TRP Energy have signed an
exchange agreement, with the
companies trading assets in the
Delaware and Midland basins.
In exchange for Diamondback's
Vermejo asset of 33,000 acres and $237
million in cash, TRP will give up
15,000 acres of its Midland position in
Texas' Upton and Reagan counties, the
companies say.
Diamondback points out the Midland
Basin assets include 55 undeveloped
operated locations, and 18 drilled
uncompleted wells.
" The trade is expected to be
accretive to our 2025 cash flow and free
cash flow per share and will high-grade
our inventory. We expect this trade to
close by year-end, subject to customary
regulatory approvals and closing
conditions, " Diamondback says. " We
will also continue to look for ways to
improve our asset base, whether it be
through traditional trades to be able to
drill longer laterals and increase
operated working interests or 'out of the
box' ideas such as TRP. "
In September, shortly before the TRP
transaction, Diamondback completed its
merger with Endeavor Energy
Resources LP. Diamondback notes that
during the process, it onboarded more
than 1,000 employees and moved more
than 650 combined offices.
Diamondback says it is now running
20 drilling rigs. " What we originally
expected to drill with 22-24 rigs in
2025, we now expect we can drill with
closer to 18 rigs, " the company relates.
" This is purely based on continued
efficiency gains, a testament to the
prowess of our drilling organization. " ❒
Coterra Inks Agreements
For New Mexico Acreage
HOUSTON-Coterra Energy Inc. has
entered into a pair of definitive
agreements to acquire New Mexico
assets of Franklin Mountain Energy and
Avant Natural Resources for aggregate
consideration of $3.95 billion.
Tom Jorden, chairman, chief
executive officer and president of
Coterra describes the properties as two
high-quality Permian asset packages.
" These highly accretive acquisitions
DECEMBER 2024 19
American Oil and Gas Reporter - December 2024

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