Announces New Partnership with Ares Management Private Equity Group
MIDLAND, Texas--(BUSINESS WIRE)--
Admiral Permian Resources, LLC, a Midland, Texas-based independent oil
and gas company focused on the acquisition and development of
unconventional oil and gas reserves in the Permian Basin, announced the
closing of its acquisition of leasehold interests and related assets
from Three Rivers Operating Co. III LLC. This includes more than 59,000
net acres in Reeves and Culberson Counties in West Texas. The properties
produced more than 15,000 net barrels of oil equivalent per day in March.
In addition, funds managed by the Private Equity Group of Ares
Management, L.P. (NYSE: ARES) have acquired a majority stake in Admiral.
“The successful completion of our acquisition in Reeves and Culberson
Counties represents the collective efforts of our team to secure a
leading resource footprint in the Delaware Basin. With the transaction
completed, our focus now shifts to developing this asset through the
execution of our development plan and expanding the team's reputation as
an efficient, low-cost operator,” said Denzil West, Chief Executive
Officer of Admiral. “We are also excited for our new partnership with
the Ares team, which provides us meaningful capital to continue pursuing
our strategic business model.”
“We are excited to partner with Admiral’s management team to build a
business of scale and create value in the Delaware Basin,” said Gary
Levin, Partner in the Ares Private Equity Group. “With Admiral, we saw a
unique opportunity to invest in a company with both a proven track
record and exciting prospects for future growth, as evidenced by this
acquisition in one of the most prolific oil and gas regions in the
country.”
Sidley Austin LLP served as legal advisor to Admiral, and Kirkland &
Ellis LLP served as legal advisor to Ares Management.
About Admiral Permian Resources
Admiral is a privately held exploration and production company focused
on the acquisition and development of oil and gas properties in the
Permian Basin. Admiral’s strategy is to use leading edge technologies to
identify and develop oil rich resource properties. Its experienced
management team has a proven track record in the oil and gas industry,
predominantly in the Permian Basin, and is focused on maximizing value.
Admiral is headquartered in Midland, Texas with offices in Austin,
Texas. For more information about Admiral, please visit the company’s
web site at www.admiralpermian.com.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $106.4 billion of assets under
management as of December 31, 2017 and 18 offices in the United States,
Europe, Asia and Australia. Since its inception in 1997, Ares has
adhered to a disciplined investment philosophy that focuses on
delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary
investment groups in Credit, Private Equity and Real Estate is a market
leader based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits from
being part of the greater whole. For more information, visit www.aresmgmt.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180423005343/en/
For Admiral Permian Resources:
Scott Parkison, 432-653-0259
Chief
Commercial Officer
[email protected]
or
For
Ares Management:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Ares
Management, L.P.
Carl Drake, 800-340-6597
[email protected]
Source: Ares Management, L.P.
