Nickel Road Operating Concludes $84.5 Million Asset Sale
Nickel Road Operating Completes Significant Asset Sale
Nickel Road Operating LLC has successfully wrapped up the sale of its Denver-Julesberg (DJ) Basin assets, valued at $84.5 million, to Prairie Operating Co., LLC. This divestiture includes 5,592 net leasehold acres, 26 operational horizontal wells, and 89 well permits, showcasing Nickel Road's commitment to refining its asset portfolio.
Strategic Planning in Action
Andrew Haney, Co-President of Nickel Road, expressed satisfaction with the completion of this sale, stating, "We are pleased to have closed the divestment of our remaining assets and the strong overall returns provided to our partners." This successful transition highlights the effective strategy Nickel Road has employed over the past several years in managing its assets and generating returns for its investors.
Reflecting on Past Collaborations
Haney also acknowledged the support from Vortus Investments, noting the partnership's significance in the growth and development of Nickel Road's asset base. Through strategic grassroots leasing and operational advancements, the company managed to optimize its resources effectively, leading to this successful divestiture.
Nickel Road's Commitment to Growth
Operating out of Denver, Colorado, Nickel Road focuses on acquiring and developing oil and gas assets specifically in the Wattenberg Field. Its efforts are bolstered by a thoughtful equity commitment from Vortus Investment Advisors, confirming the backing of capable financial partners in pursuit of growth.
The Future Looks Bright
Nickel Road's seasoned leadership, including Haney, Dana Johnson, and Kit Tincher, continues to plot a course toward sustainable growth in the oil and gas sector. The company was established in July 2017 and has since been dedicated to growing its operational capabilities through carefully considered strategies and partnerships.
About Nickel Road Operating
Nickel Road Operating LLC emerged as a formidable player in the oil and gas landscape with a focus on acquisition and development. Formed with private investment, the company’s foundation is built upon strong leadership and a clear vision for refining energy assets in the North American market.
About Vortus Investment Advisors
Vortus Investment Advisors operates from Fort Worth, Texas, targeting the lower to middle market of the upstream energy sector. With a keen eye on the energy landscape, Vortus pursues investment opportunities that align with the values of successful owner/operators, aiming to enhance their impact in the industry.
Frequently Asked Questions
What was the total value of the assets sold by Nickel Road?
The total value of the assets sold was $84.5 million.
Who purchased the DJ Basin assets from Nickel Road?
The DJ Basin assets were purchased by Prairie Operating Co., LLC.
What does Nickel Road focus on in its operations?
Nickel Road specializes in acquiring and developing oil and natural gas assets.
How many horizontal wells did Nickel Road divest?
Nickel Road divested 26 operated producing horizontal wells as part of the asset sale.
Who are the key players leading Nickel Road?
Nickel Road is led by Andrew Haney, Dana Johnson, and Kit Tincher.
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