Langford Energy Partners Enters Midland Basin with Acquisition from Murchison Oil & Gas

Acquisition Details - Langford Energy Partners (LEP) acquired Midland Basin assets from Murchison Oil and Gas, LLC, closing the deal on December 6, 2024 [1][2] - The acquired assets include approximately 8,000 net acres primarily located in Howard, Borden, and Midland Counties, Texas [1] - The assets have a net production of approximately 7,200 boe/d, with 72% being oil, primarily from 63 operated horizontal wells [1] - The acquisition includes established oil, gas, and water infrastructure, such as two owned saltwater disposal wells, to support future production and development [1] Management Perspective - LEP's CEO, Lance Langford, views the acquisition as an opportunity to expand the company's operational success and deliver value to investors, leveraging the asset for further bolt-on acquisitions in the Midland Basin [3] - Executive Chairman Bud Brigham highlights the high-quality nature of the asset, which aligns with the company's strategy, and expresses personal excitement about re-entering the Midland Basin, where he began his career [3] Financing and Advisors - The acquisition was funded through equity from LEP's flagship fund, Langford Energy Partners I, LP, and senior bank debt from a new credit facility led by Texas Capital Bank [5] - Legal counsel for LEP was provided by Vartabedian Hester & Haynes LLP, Vinson & Elkins LLP, and Kirkland & Ellis LLP [6] - RBC Richardson Barr served as the exclusive financial advisor, and Holland & Knight LLP acted as legal counsel for Murchison [6] Company Background - Langford Energy Partners manages a direct-to-LP fund focused on operated oil & gas investments, led by General Partners Lance Langford and Bud Brigham, who have over three decades of industry experience [7] - The Brigham Platform, led by Bud Brigham, consists of four enterprises, including LEP, aiming to capitalize on traditional energy sources while prioritizing innovation and operational efficiency [9]