OGX Resources

 

Portfolio

Investment: 
2008, 2011

OGX is a Midland, Texas-based oil and gas company focused on acquiring and exploiting oil and gas properties primarily in the Permian Basin of West Texas and Southeast New Mexico. Key management members have extensive experience as independent owners and operators of oil and gas properties in the region. Management's track record of value creation includes two successful EnCap sponsored entities.

The team initially partnered with EnCap in 2006 and subsequently sold the majority of its assets to Legend Natural Gas III in March 2008.

Subsequently, the team partnered with EnCap in May 2011 to form OGX II, and through the course of the investment, acquired and sold assets through four separate transactions:

  • the sale of ~33,600 gross acres in Eddy and Lea counties in New Mexico and Culberson, Reeves, and Loving counties in Texas to Concho Resources in November 2011 for $250.0 million;
  • the sale of 4,640 acres in Reagan and Upton counties in Texas to Parsley Energy in June 2014 for $127.6 million;
  • the sale of ~30,000 gross acres in Winkler County, Texas, to an undisclosed buyer in July 2014 for $124.8 million; and
  • the sale of ~2,800 acres in Reeves and Loving counties to an undisclosed buyer for $80.6 million.

EnCap currently is partnered with the OGX management team in OGX III, formed in January 2015.