DALLAS--(BUSINESS WIRE)--Elk Range Royalties (“Elk Range”) is pleased to announce its first acquisition of certain mineral and royalty interests (“the Acquisition”) in the Appalachian Basin from an undisclosed private seller.
The Acquisition included roughly 8,000 net royalty acres across 3 states, including West Virginia, Pennsylvania, and Ohio. This marks the first Appalachian Basin deal closed by Elk Range. The Acquisition includes 194 producing gross locations and approximately 0.67 net wells operated by top operators such as EQT, Antero, CNX, Southwestern, and Range. This deal is a continuation of Elk Range Royalties’ efforts to expand its acquisition efforts into high-quality, low-breakeven basins. Elk Range funded the acquisition utilizing equity commitments from funds managed by NGP Energy Capital Management LLC (“NGP”).
Charlie Shufeldt, CEO of Elk Range, commented, “Our team has invested considerable time and effort to underwrite, diligence and close this acquisition opportunity. We have substantial dry powder and are poised to continue acquiring in the Appalachian basin. We look forward to growing our presence there.”
Gibson, Dunn & Crutcher LLP and Sherrard, German & Kelly, P.C. served as legal counsel for Elk Range on the transaction.
About Elk Range Royalties
Elk Range is led by Charlie Shufeldt (CEO), Clinton Koerth (Vice President of Land and Business Development), Jeff Stewart (Vice President of Engineering) and Ashleigh Bell (Vice President of Finance & Accounting). Elk Range manages a portfolio consisting of approximately 40,000 NRAs with an interest in over 5,000 horizontal wells across the Permian, Uinta, Anadarko, Eagle Ford, Haynesville, Denver-Julesburg, and Appalachian basins under the Elk Range Royalties, 89 Energy II Minerals and Land Run Minerals platforms.
For more information visit www.elkrange.com.
About NGP
NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With $23 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future.
For more information, visit www.ngpenergy.com.