M&A Deal Summary

Arsenal Resources Acquires PDC Mountaineer

On October 15, 2014, Arsenal Resources acquired oil/gas exploration company PDC Mountaineer from Lime Rock Partners and PDC Energy for 500M USD

Acquisition Highlights
  • This is Arsenal Resources’ 1st transaction in the Oil/Gas Exploration sector.
  • This is Arsenal Resources’ largest (disclosed) transaction.
  • This is Arsenal Resources’ 1st transaction in the United States.
  • This is Arsenal Resources’ 1st transaction in West Virginia.

M&A Deal Summary
Date 2014-10-15
Target PDC Mountaineer
Sector Oil/Gas Exploration
Buyer(s) Arsenal Resources
Sellers(s) Lime Rock Partners
PDC Energy
Deal Type Add-on Acquisition
Deal Value 500M USD

Target

PDC Mountaineer

Bridgeport, West Virginia, United States
PDC Mountaineer is a natural gas exploration and production company.

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Buyer(S) 1

Buyer

Arsenal Resources

Wexford, Pennsylvania, United States

website

Category Company
Founded 2010
Sector Oil/Gas Exploration
DESCRIPTION

Arsenal Resources is a natural gas operator headquartered in Pittsburgh, Pennsylvania that is engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids. Arsenal Resources was founded in 2010 and is based in Wexford, Pennsylvania.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (West Virginia) 1 of 1
Country (United States) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 2

SELLER

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1998
PE ASSETS 8.9B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.

DEAL STATS #
Overall 29 of 57
Sector (Oil/Gas Exploration) 9 of 20
Type (Add-on Acquisition) 13 of 24
State (West Virginia) 1 of 2
Country (United States) 13 of 27
Year (2014) 4 of 6
Size (of disclosed) 5 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-25 EV

Norwich, United Kingdom

EV specializes in well diagnosis to provide timely insight to well operators, helping them to understand and resolve their most complex wellbore issues. The company generates vivid, visual diagnostic information and presents it simply to deliver highly intuitive answers and instant understanding directly to the well site. EV's global team of specialists allows customers to plan their next move with precision, helping to reduce risk and increase operational performance. Its first gained acclaim for engineering ruggedized cameras for televising extreme sports. In 2004 EV applied this expertise and know-how to develop a system aimed at identifying problems in oil and gas well completions in the North Sea. Epidote was formed in 2001 and is based in Norwich, United Kingdom.

Sell £69M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-01 UTEC Survey

Houston, Texas, United States

UTEC Survey is a independent offshore survey companies providing a wide range of offshore survey and geotechnical services including construction support, industrial measurement, positioning, and geophysical survey services worldwide.

Sell -
SELLER

PDC Energy

Denver, Colorado, United States

website

Category Company
Founded 1969
Sector Oil/Gas Exploration
Employees520
Revenue 4.3B USD (2022)
DESCRIPTION

PDC Energy is a natural gas company. PDC maintains a balanced liquids to natural gas portfolio through horizontal drilling while maintaining a solid balance sheet and ample liquidity. PDC Energy was founded in 1969 and is based in Denver, Colorado.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (West Virginia) 1 of 1
Country (United States) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-12 PDC Mountaineer

Bridgeport, West Virginia, United States

PDC Mountaineer is a natural gas exploration and production company.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-26 SRC Energy

Denver, Colorado, United States

SRC Energy, Inc. is a domestic oil and natural gas exploration and production company. SRC's core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska.

Buy $1.7B
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