Fort Worth-based Presta Petroleum LLC announced June 25 it has recently acquired properties in 30 counties in Texas and 20 counties in Oklahoma in two related transactions. There are additional properties located in Arkansas, Colorado, and Wyoming.
“Presta is fortunate to be in a strong financial position,” said Jonny Brumley, president of Presta. “Presta has no debt, an undrawn bank facility, 67% of its oil production hedged, and an experienced team ready to evaluate and purchase properties.”
The first transaction included non-operated working interests, mineral interests, and royalty interests from a family-owned oil and gas company. The second acquisition consisted of the oil and gas assets of a trust. These acquisitions represent the sixth and seventh family-owned entity that Presta has purchased since being formed in September of 2018. In a third transaction, Presta purchased producing properties and a pipeline system in Hemphill County, Texas and Roger Mills County, Oklahoma from a large independent oil and gas producer. These properties fit Presta’s strategy of purchasing assets with a predictable production profile, accompanied with high-return drilling projects.