OneRock Energy Holdings has entered into a definitive purchase agreement to acquire Northwoods Management Company and certain related entities for an undisclosed sum. Northwoods owns assets located in the Powder River Basin, producing about 5,000 BOE/D. The asset encompasses more than 160,000 net acres of leasehold interests in Converse, Campbell, and Johnson counties in Wyoming.
OneRock is a Houston-based oil and gas private-equity firm and the upstream investment arm of Pan Management. Subject to customary terms and conditions, the deal is expected to close in the third quarter of 2023, with an effective date of 1 June 2023.
“We consider this acquisition to be a pivotal move for OneRock, solidifying our position with a robust presence in resource-rich unconventional plays,” said Daniel Fan, partner and head of North American E&P Investments at Pan Management. “It represents a crucial component of our growth strategy into the E&P business while concurrently expanding our commodity optionality and seamlessly aligning with Pan Management’s overarching investment strategy. We anticipate leveraging the OneRock platform to acquire further assets and strategically expand our footprint.”
In early 2018, Northwoods spent $500 million on SM Energy’s core Powder River Basin assets of more than 112,200 net acres of leasehold in the same counties in Wyoming.
Northwoods was backed by investment funds affiliated with Apollo Global Management and the Northwoods management team.
