Red Wolf Natural Resources LLC, a newly formed oil and gas exploration and production company, announced May 20 it had acquired approximately 56,000 net acres and associated production in Oklahoma’s SCOOP, STACK, and Merge plays as well as in the broader Anadarko Basin.
“We are excited to announce our re-entry into Oklahoma’s prolific SCOOP, STACK, and Merge plays with the acquisition of these assets. Our leadership team has a successful track record in and deep knowledge of this area from our prior experience,” said Red Wolf CEO Drew Deaton. “This strategic acquisition represents both near-term and long-term value as well as significant growth potential for Red Wolf. We think that the SCOOP, STACK, and Merge plays combine many important characteristics of top-tier hydrocarbon plays, including multiple benches of stacked pay which provide compelling economic returns and repeatable results. We look forward to leveraging our technical and operational expertise to aggressively delineate and develop these assets to their full potential.”
The net acreage is notable for having proven well results in primary target zones, according to Red Wolf’s management. They also observed, in a prepared statement, that the contiguous acreage positions in each resource play support significant future development via extended-lateral drilling. Existing infrastructure and agreements with top-tier midstream operators in the region allow for efficient development, they said.
Based in Oklahoma City, Red Wolf was formed in February 2019 with an equity commitment from Pearl Energy Investments. Thompson & Knight LLP and Kirkland & Ellis LLP served as legal advisors to Red Wolf.
Red Wolf is an upstream oil and gas company focused on “selectively investing in upstream assets and projects that have exploitation, development, and growth potential” with the goal of creating significant value. For more information, visit www.red-wolf.com.