Terra to acquire Piceance Basin assets; Kayne, Warburg Pincus invest
February 10, 2016
Terra Energy Partners has agreed to acquire WPX Energy Rocky Mountain from WPX Energy (NYSE: WPX) for $910 million in cash. As part of the transaction, Terra has secured an increased equity commitment from existing investor Kayne Anderson Capital Advisors and an equity commitment from new investor Warburg Pincus. The company’s aggregate equity commitment now totals $800 million, with Kayne and Warburg Pincus as equal partners. Founded in 2015, Terra is an oil and natural gas exploration and production company. The assets Terra will acquire from WPX consist of a roughly 200,000 net acre position in the Piceance Basin of Colorado with recent net production of about 500 million cubic feet equivalent per day.