TXO Partners, L.P. agreed to acquire Elm Coulee field in Montana from Eagle Mountain Energy Partners LLC for approximately $280 million.
June 24, 2024
Share
TXO Partners, L.P. (NYSE:TXO) agreed to acquire Elm Coulee field in Montana from Eagle Mountain Energy Partners LLC for approximately $280 million subject to customary purchase price adjustments on June 25, 2024. A cash consideration of $225 million will be paid by TXO Partners, L.P. The consideration consists of 2.5 million common equity of TXO Partners, L.P. to be issued for common equity of Elm Coulee field in Montana. . In a related transaction TXO Partners, L.P. entered into a Purchase and Sale Agreement to acquire Russian Creek field in North Dakota from Kaiser-Francis Oil Company, L.L.C. The transaction is expected to close in the third quarter of 2024, subject to satisfaction of customary closing conditions.
Jefferies LLC acted as financial advisor for Eagle Mountain Energy Partners LLC. Welborn Sullivan Meck & Tooley, P.C. acted as legal advisor for TXO Partners, L.P. O'Melveny & Myers LLP acted as legal advisor for Eagle Mountain Energy Partners LLC.
TXO Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas, and natural gas liquid (NGL) reserves in North America. The Companyâs acreage positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado. Its assets consist of approximately 845,820 gross (371,796 net) leasehold and mineral acres located primarily in the Permian Basin and San Juan Basin. Its assets include a 50% interest in Cross Timbers Energy, LLC (Cross Timbers). As operator, it designs and manages the development, recompletion or workover for all of the wells it operates and supervises operation and maintenance activities on a day-to-day basis. It markets the majority of the natural gas, NGL, crude oil and condensate production from the properties on which it operates. It also markets products produced by third party working interest owners.
TXO PARTNERS, L.P. 
