Garrison plans Permian Basin acquisitions
23 May 2023
Exploration and production company secures $500 million line of equity; will explore opportunities in other plays as well
Garrison Energy Holdings, an oil and gas exploration and production company based in Midland, Texas, is pursuing acquisition opportunities focused on the Permian Basin following a $500 million line of equity financing from an institutional investor and the Company’s management team and employees.
Garrison said intends to develop a scaled oil and gas exploration and production company by acquiring assets in the Permian Basin. It is interested in evaluating opportunities in the Delaware Basin, Central Basin Platform, Midland Basin, and Northwest Shelf. The Company is targeting assets with a significant inventory of horizontal locations, vertical locations, or recompletion opportunities.
Garrison was founded and is led by Executive Chairman Steve Weatherl and his son, CEO Caleb Weatherl, who together spearheaded the successful development of Stronghold Energy II and the sale of its assets to Ring Energy in August 2022. They are joined by an experienced senior team with a significant track record in the Permian Basin: EVP of Reservoir Engineering & Corporate Development, Matt Holland; SVP of Land, Drew Hendricks; SVP of Exploration, Josh Russo; SVP of Completions, Lee Martin; SVP of Accounting & Administration, Misty Andrews; VP of Drilling, Rafael Madrid; and VP of Finance, Will Regan.
“Our team has built our careers on our understanding and familiarity with the Permian Basin, which continues to prove to be the most prolific oil and natural gas-producing region in the United States,” said Steve Weatherl. “There is an abundance of opportunity in the region, and we are already evaluating deals ranging from as small as a section with high quality inventory to as large as upwards of one billion dollars, given our investor’s ability to add additional equity capital for the right opportunity.”
“With decades of experience in the region and a track record of bringing value forward for assets of all sizes, we are excited to connect with the opportunities available in the Permian Basin — whether those are horizontal or vertical drilling locations or recompletions,” added Caleb Weatherl.