History

Felix Energy I History:

Felix Energy, LLC (“Felix I”) was formed in April 2013 with a $400 million equity commitment from EnCap Investments, L.P. The commitment was subsequently expanded to $500 million. Over a three-year period Felix I:

  • Assembled more than 80,000 net acres in the core of Oklahoma's STACK play through a combination of strategies including ground-floor leasing, farm-in opportunities and acquisitions.
  • Participated in ~100 horizontal wells in the STACK including drilling more than 30 wells, operating more than 60 vertical wells and participating in more than 70 non-operated wells, growing production to ~14,500 BOEPD.

In January 2016, Felix I was sold to Devon Energy (NYSE: DVN) for total consideration of $1.9 billion. Additionally, Felix I had a significant ownership interest in TOM-STACK, LLC, a subsidiary of Tall Oak Midstream that sold to EnLink Midstream for total consideration of $1.55 billion.

The Felix management team was able to create significant value for its stakeholders during challenging market conditions. The team was built to identify and capture quality assets and successfully grow production, reserves and cash flow to demonstrate the resource potential of its position. The Felix team re-formed as Felix II to advance the Felix growth story in the Permian Basin with a $500 million commitment from EnCap Investments L.P.