ECP and Andros Announce Acquisition of Ursa Princess from ExxonMobil

Source: www.gulfoilandgas.com 2/21/2024, Location: North America

Esperanza Capital Partners (“Esperanza” or “ECP”) and Andros Capital Partners LLC (“Andros”) today announced the execution of a definitive purchase agreement to acquire Exxon Mobil Corporation’s (“ExxonMobil”) assets in the Ursa and Princess Fields (“Ursa”) and the formation of a strategic joint venture focused on the acquisition and development of upstream and infrastructure assets located in the Deepwater Gulf of Mexico (“Deepwater GOM”).

Ursa is located approximately 130 miles southeast of New Orleans, Louisiana and encompasses Mississippi Canyon Federal OCS Blocks 765, 766, 808, 809, 810, 852, 853 and 854. The Ursa acquisition includes current production of ~8,500 Boe/d (82% oil) net to ExxonMobil’s interest as well as associated infrastructure, including the Ursa Tension Leg Platform (“Ursa TLP”) host facility. Ursa is operated by Shell Offshore Inc. (“Shell”), a subsidiary of Shell plc, a leading operator in the Deepwater GOM. Upon Closing, ECP (15.96%) joins other non-operated working interest partners BP Exploration & Production Inc (22.69%) and ConocoPhillips (15.96%).

“This transformative transaction reflects the fundamental strategy that ECP set out to execute at our formation. Our dedicated team of Gulf of Mexico veterans has committed their careers to the basin. ECP is honored to be joining the world class partnership at Ursa as we launch our next chapter with this transaction,” said ECP Managing Partner David Dunwoody.

The privately negotiated acquisition represents ECP’s third investment in the GOM through its partnership with Cockrell Interests (“Cockrell”) since 2021.

“We are grateful for the continued support of our anchor investor, Cockrell, our new strategic partner, Andros, and our growing investor base. We sincerely appreciate ExxonMobil and the Ursa partnership in trusting ECP with this opportunity. This trust builds upon ECP’s long term commitment to providing constructive exit solutions to basin incumbents,” said ECP Managing Partner William Goodwin.

Andros Founder and Managing Partner Phillip A. Gayle, Jr. said, “We’re excited to partner alongside David, Will and the entire Esperanza team to acquire this prolific Deepwater GOM asset. This transaction further demonstrates the flexibility of the Andros investment platform and underscores our commitment to partner with talented entrepreneurs to acquire high-quality assets at scale.”

Gibson, Dunn and Crutcher LLP served as legal counsel to ECP in connection with the transaction and Vinson & Elkins LLP served as legal counsel to Andros.


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