New Partnership Makes $294 million Purchase of SCOOP Acreage

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Oklahoma City-based Continental Resources Inc. recently sold 30,000 acres of land in the Oklahoma SCOOP, a sale that boosted the SCOOP efforts of Casillas Petroleum Resource Partners LLC.

Casillas is a partnership formed earlier in the year by Tulsa producer Casillas Petroleum Corp. and Kayne Anderson Capital Advisors LP, a Los Angeles private equity firm.

The purchase price?  $294 million and 90 percent of the 30,000 net acres is held by production that averages 550 boe/d in Garvin, Grady and McClain Counties.

“With the integration of the Continental acquisition, we have built a premier asset in a high-margin repeatable resource play that can’t be replicated in the SCOOP,” said Greg Casillas, President and CEO at Casillas. “This bolt-on acquisition is an excellent strategic fit for Casillas.”

It represents the second purchase made by the partnership. The first totaled 12,000 net acres and 260 producing wells from Chesapeake Energy for $106 million back in April of this year.

Helping to finance the latest purchase was a recent move by Kayne Anderson’s sale of its Dallas-based Silver Hill firms and 41,000 net acres in the Delaware basin of the Permian in West Texas. The sale was for $2.4 billion.