Oklahoma business briefcase for May 8
Oil, gas company gets capital
Ventana Exploration and Production II announced Tuesday it has received a new round of capital from an affiliate of Starwood Capital Group, Equity Group Investments and the Virginia Tech Foundation.
Officials said the company, along with predecessor Ventana Exploration and Production I, participated in more than 500 wells in the STACK, SCOOP and Merge plays of the Anadarko Basin that target multiple vertically stacked oil-prone reservoirs such as the Oswego, Springer, Meramec, Osage, Sycamore and Woodford formations.
They also said the companies so far have raised more than $150 million and have more than $100 million available to pursue additional acquisitions of non-operated working interests and minerals within those plays.
“We’re seeing as much or even more opportunity today as we have over the last 18 months,” Ventana CEO Heather Powell stated in the release, noting those opportunities appeared thanks to positive momentum the company created through efforts to build its reputation with local leaseholders and mineral rights owners.
“In addition, with operators in the basin focused on capital discipline, they continue to divest their smaller, non-operated land positions. Those are often the types of assets that are core to us,” Powell stated.
Officials said Ventana launched its acquisition strategy in late-2016, originally targeting a portfolio of 5,000 acres by the end of 2020 and achieving that nearly two years ahead of schedule.