Quantum Capital Group will acquire certain Caerus Oil and Gas assets, including debt, for about $1.8 billion, the private equity firm said on Monday.
The acquisition would take place through two of its companies, Quantum Capital stated.
QB Energy, a Quantum Capital subsidiary, will acquire privately held Caerus’ assets in the Piceance Basin, located in northwestern Colorado. Another subsidiary KODA Resources will acquire the assets in the Uinta Basin, in the northeast corner of Utah.
Uinta Basin is known for its shale and conventional hydrocarbon resources. The Utah field had produced about 56.4 million barrels of crude oil in 2023, according to the U.S. Energy Information Administration data.
QB Energy is a new company formed jointly with industry veteran Roger Biemans, who will serve as its president and CEO.
The Piceance Basin assets represent the largest single asset base in the region with second largest gas resource in the continental U.S. and QB Energy is acquiring a “shallow-decline production base”, Biemans said.
Source: Reuters.com