HOUSTON, Texas (September 24, 2019) – Pickering Energy Partners (PEP), a Houston-based energy investment management firm, is pleased to announce a strategic joint venture with Henry Resources (Henry), one of the premier family-owned oil and gas operators in the Permian Basin. The joint venture will pursue acquisitions of producing oil and gas assets across the Permian Basin where Henry has operated for over 50 years.
“We see a unique opportunity today in the acquisition market for producing oil and gas assets. Partnering with Henry Resources and our investors allows us to opportunistically exploit the liquidity-driven mispricing in the market. The Henry team has been long time friends and partners of ours, and we are honored to be working with a group with a respected reputation, a half century of experience in the Permian, and a distinguished track record of success,” stated Dan Pickering, Chief Investment Officer.
“Henry has had a front row seat to the Permian Basin through various cycles over the past few decades, and today looks like one of the most favorable PDP acquisition markets we have ever seen,” said David Bledsoe, President of Henry Resources. “Henry believes we are well positioned with the PEP joint venture to exploit the current correction and deliver predictable returns to the Henry family and our partners.”
Under the terms of the partnership, Henry and PEP will target to invest at least $500 million in producing asset packages to be operated by the Henry team. The partnership’s strategy includes a significant current yield component, with a robust hedging program to protect against volatility in crude oil markets. The joint venture believes it will be the “buyer of choice” due to its knowledge of the Basin, strong local relationships and dedicated acquisition capital.
About Pickering Energy Partners
The original Pickering Energy Partners (PEP) was founded in early 2004 by Dan Pickering as an institutional energy research firm before subsequently partnering with Bobby Tudor and Maynard Holt in 2007 to become Tudor, Pickering, Holt & Company. Today’s Pickering Energy Partners is taking an entrepreneurial approach to creating fundamentally-sound energy asset management and investment strategies. Headquartered in Houston, Texas, PEP combines the leadership of Dan Pickering with an experienced, opportunistic team that aims to provide guidance and long-term value for clients while having a positive impact on the companies and communities that PEP invests in. For more information, please visit www.PickeringEnergyPartners.com.
About Henry Resources
Jim Henry founded the original Henry company 50 years ago in 1969 and drilled his first well in 1971. Since that time, Henry has drilled and completed over 1600 vertical wells, and over 80 horizontal wells with the vast majority of those wells being drilled in the Midland and Delaware Basins. The Henry organization has long been known for technical excellence and industry leading costs. That tradition, started under Jim Henry, continues today under the leadership of the current management team which has over 300 years of collective experience. The Henry team is committed to doing business with the character and integrity that is worthy of the Henry name. For more information, please visit www.HenryResources.com.