Fort Worth-based Presidio Investment Holdings LLC is partnering with Morgan Stanley Energy Partners, part of Morgan Stanley Investment Management to acquire the acquisition from Midstates Petroleum Co. Inc. of oil and natural gas properties in the western Anadarko Basin of Texas and Oklahoma. As part of the agreement, Morgan Stanley Energy Partners will make a majority equity investment in Presidio Petroleum. The funds will also be used to support the growth of the company’s exploration and production business in the U.S., according to a news release.
Presidio Petroleum is an oil and gas company founded by Chris Hammack and Will Ulrich, both co-CEOs, to acquire, operate, and optimize producing oil and gas properties through best-in-class operations and targeted development of proved reserves in established U.S. onshore basins. The partnership with MSEP provides the company with additional resources to potentially expand Presidio Petroleum’s asset base in support of its operationally-focused strategy.
“We are enthusiastic to be partnering with Morgan Stanley Energy Partners in support of our vision of building an industry-leading operator of overlooked, developed oil and gas assets. We believe our relationship with MSEP will accelerate the growth of Presidio’s asset base across multiple basins where the Presidio management team has a long history of efficient and responsible operations,” said Hammack.
Ulrich noted that Presidio was founded on the idea of engineering efficiency.
“Our competitive advantage allows us to unlock the value of acquired oil and gas reserves through leading operational practices, modern development technologies, and the advancement and use of the digital oilfield,” he said.