Wildfire continues to consolidate the Eagle Ford with its latest acquisition

WildFire Energy I LLC has acquired approximately 16,000 net acres of leased land and 58 operating wells in the East Texas Eagle Ford from an undisclosed seller.

With the acquisition, WildFire will produce more than 2,000 wells on 873,000 net acres in the eastern Eagle Ford, which includes Fayette, Bastrop, Lee, Austin, Washington, Burleson, Brazos, Milam, Robertson, Madison and Grimes counties in Texas, the company said in a press release . Financial details were not disclosed.

“The acquired facility is a perfect fit for our existing footprint, and we look forward to operating it in the Eagle Ford model while taking advantage of the benefits of our scale,” said Steve Habachy, president and chief operating officer of Wildfire. “Acquisitions such as this are an important part of our company’s strategy and we continue to seek and evaluate similar transactions.”

Acquired from Apache

In May, WildFire entered into an agreement to acquire approximately 237,000 net acres and 465 well interests in the East Texas Eagle Ford from Apache Corporation and its subsidiaries.

WildFire’s total position includes approximately 550,000 net acres of potential Austin Chalk deposits, as well as acreage in the Woodbine, Buda and Georgetown formations, according to a separate press release.

During the first quarter, the acquired Apache assets provided average daily net production of approximately 11,000 barrels of oil equivalent (boe), consisting of 67% liquids. WildFire estimated net untested proven reserves to be approximately 40 million barrels of oil equivalent (MMboe) as of December 31, 2023. Pro forma of the acquisition, WildFire’s net daily production will be in excess of 50,000 boe, of which 85% will be liquids.

The acquisition of Apache follows WildFire’s acquisition of Chesapeake Energy Corporation’s Brazos Valley region assets in the eastern Eagle Ford in March and allows WildFire to leverage existing infrastructure and scale in the region. WildFire previously acquired MD America Energy, LLC in March 2022 and Hawkwood Energy, LLC in August 2021, which began the process of consolidating the eastern Eagle Ford Basin.

“This acquisition of adjacent assets provided us with a strategic opportunity to further consolidate the basin,” Habachy said. “With a total of more than 850,000 net acres, we have built a leading contiguous asset base, making WildFire the largest operator in the entire Eagle Ford.”

WildFire Energy describes itself as an independent energy platform company focused on production-weighted oil and gas assets in the onshore U.S. basins, seeking to efficiently optimize and develop resources using modern technologies and extensive operational experience. The company was founded in 2019 with funds from Warburg Pincus, Kayne Anderson and her management board.

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