EnCap Investments Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, EnCap Investments has acquired 3 companies.

EnCap Investments’ most common sectors for investment areoil/gas exploration (96%) and energy services and equipment (3%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (49%) and stake purchase (37%). In total, EnCap Investments has invested in 6 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired Sierra Oil & Gas S. de R.L. de C.V for $525M.

In the last 3 years, EnCap Investments has exited 2 companies. The Firm’s most common exit type is trade sale (55%). EnCap Investments’ largest (disclosed) exit occurred in 2012 when it sold Cordillera Energy Partners III for $2.9B.

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M&A Summary

M&A Total Activity132
- M&A Buy Activity88
- M&A Sell Activity44
Total Sectors Invested 4
Total Countries Invested 3
M&A Buy/Sell Connections 37
M&A Advisors 3

EnCap Investments

1100 Louisiana Street Suite 4900,
Houston, Texas 77002
United States
(281) 829-4901
www.encapinvestments.com

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	-	-
Enterprise Value	-	-

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

Year	≤ '17	'18	'19	'20	'21	'22	T
Buy (0.6/yr)	#	85	-	1	1	1	-	88
vol	$3.5B				$480M		$4.0B
Sell (0.6/yr)	#	41	1	-	1	1	-	44
vol	$16.5B			$109M	$715M		$17.3B
	132

Year

≤ '17

'18

'19

'20

'21

'22

Buy (0.6/yr)

vol

$3.5B

$480M

$4.0B

Sell (0.6/yr)

vol

$16.5B

$109M

$715M

$17.3B

132

Company	Date	Value	Type
Goodrich Petroleum Corp.	2021-11-22	480M USD	Going Private
Houston, Texas · www.goodrichpetroleum.com
Sabalo Energy LLC	2021-05-09	715M USD	Add-on Acquisition
Corpus Christi, Texas · www.sabaloenergy.com
Encino Environmental Services LLC	2020-11-17	-	Add-on Acquisition
Houston, Texas · www.encinoenviron.com
Modern Resources, Inc.	2020-11-02	109M CAD	Add-on Acquisition
Calgary, Alberta · www.modernresources.ca
Catalyze Corp.	2019-01-01	-	Buyout (LBO, MBO, MBI)
Boulder, Colorado · www.catalyze.energy
Halcón Resources Corp.	2018-12-20	-	Trade Sale
Houston, Texas · www.halconresources.com
Silverback Exploration II LLC	2017-07-10	-	Growth Capital
San Antonio, Texas
Mongoose Energy LLC	2017-01-01	-	Buyout (LBO, MBO, MBI)
Tulsa, Oklahoma · www.mongooseenergy.com
American Resource Development LLC	2017-01-01	-	Unknown
Austin, Texas
Black Swan Oil & Gas, LLC	2017-01-01	-	Growth Capital
Oklahoma City, Oklahoma · www.blackswanog.com
View All >>

Company

Date

Value

Type

Goodrich Petroleum Corp.

2021-11-22

480M USD

Going Private

Houston, Texas · www.goodrichpetroleum.com

Sabalo Energy LLC

2021-05-09

715M USD

Add-on Acquisition

Corpus Christi, Texas · www.sabaloenergy.com

Encino Environmental Services LLC

2020-11-17

Add-on Acquisition

Houston, Texas · www.encinoenviron.com

Modern Resources, Inc.

2020-11-02

109M CAD

Add-on Acquisition

Calgary, Alberta · www.modernresources.ca

Catalyze Corp.

2019-01-01

Buyout (LBO, MBO, MBI)

Boulder, Colorado · www.catalyze.energy

Halcón Resources Corp.

2018-12-20

Trade Sale

Houston, Texas · www.halconresources.com

Silverback Exploration II LLC

2017-07-10

Growth Capital

San Antonio, Texas

Mongoose Energy LLC

2017-01-01

Buyout (LBO, MBO, MBI)

Tulsa, Oklahoma · www.mongooseenergy.com

American Resource Development LLC

2017-01-01

Unknown

Austin, Texas

Black Swan Oil & Gas, LLC

2017-01-01

Growth Capital

Oklahoma City, Oklahoma · www.blackswanog.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Halcón Resources Corp.	2012-02-01	Halcón Resources Corp. - East Texas Assets	2017-01-25	1
Houston, Texas · www.halconresources.com	, Texas

Company

Acquired

Add-On/Sale

Date

Halcón Resources Corp.

2012-02-01

Halcón Resources Corp. - East Texas Assets

2017-01-25

Houston, Texas · www.halconresources.com

, Texas

Sector	Current #	Value	All-time #	Value
Oil/Gas Exploration	17 (85%)	1.7B (100%)	84 (95%)	3.6B (100%)
Energy Services and Equipment	1 (5%)	-	2 (2%)	-
Environmental	1 (5%)	-	1 (1%)	-
Renewable Energy	1 (5%)	-	1 (1%)	-
Total	20	$1.7B	88	$3.6B

Sector

Current #

Value

All-time #

Value

Oil/Gas Exploration

17 (85%)

1.7B (100%)

84 (95%)

3.6B (100%)

Energy Services and Equipment

1 (5%)

2 (2%)

Environmental

1 (5%)

1 (1%)

Renewable Energy

1 (5%)

1 (1%)

Total

$1.7B

$3.6B

State/Country	Current #	Value	All-time #	Value
United States	19 (95%)	1.1B (68%)	86 (98%)	2.9B (79%)
	Texas	14 (70%)	830M (50%)	63 (72%)	1.9B (51%)
	Colorado	2 (10%)	300M (18%)	12 (14%)	1.0B (28%)
	Oklahoma	2 (10%)	-	6 (7%)	-
	Louisiana	-	-	3 (3%)	-
	Pennsylvania	1 (5%)	-	1 (1%)	-
Mexico	1 (5%)	525M (32%)	1 (1%)	525M (15%)
Canada	-	-	1 (1%)	228M (6%)
	Alberta	-	-	1 (1%)	228M (6%)
Domestic	19 (95%)	1.1B (68%)	86 (98%)	2.9B (79%)
Cross-border	1 (5%)	525M (32%)	2 (2%)	753M (21%)
Total	20	$1.7B	88	$3.6B

State/Country

Current #

Value

All-time #

Value

United States

19 (95%)

1.1B (68%)

86 (98%)

2.9B (79%)

Texas

14 (70%)

830M (50%)

63 (72%)

1.9B (51%)

Colorado

2 (10%)

300M (18%)

12 (14%)

1.0B (28%)

Oklahoma

2 (10%)

6 (7%)

Louisiana

3 (3%)

Pennsylvania

1 (5%)

1 (1%)

Mexico

1 (5%)

525M (32%)

1 (1%)

525M (15%)

Canada

1 (1%)

228M (6%)

Alberta

1 (1%)

228M (6%)

Domestic

19 (95%)

1.1B (68%)

86 (98%)

2.9B (79%)

Cross-border

1 (5%)

525M (32%)

2 (2%)

753M (21%)

Total

$1.7B

$3.6B

Type	Current #	Value	All-time #	Value
Buyout (LBO, MBO, MBI)	7 (35%)	1.2B (71%)	43 (49%)	3.1B (85%)
Stake Purchase	4 (20%)	-	32 (36%)	55M (2%)
Growth Capital	6 (30%)	-	8 (9%)	-
Going Private	1 (5%)	480M (29%)	1 (1%)	480M (13%)
Add-on Acquisition	1 (5%)	-	1 (1%)	-
PIPE	-	-	1 (1%)	-
Recapitalization	1 (5%)	-	1 (1%)	-
Secondary Buyout	-	-	1 (1%)	-
Total	20	$1.7B	88	$3.6B

Type

Current #

Value

All-time #

Value

Buyout (LBO, MBO, MBI)

7 (35%)

1.2B (71%)

43 (49%)

3.1B (85%)

Stake Purchase

4 (20%)

32 (36%)

55M (2%)

Growth Capital

6 (30%)

8 (9%)

Going Private

1 (5%)

480M (29%)

1 (1%)

480M (13%)

Add-on Acquisition

1 (5%)

1 (1%)

PIPE

1 (1%)

Recapitalization

1 (5%)

1 (1%)

Secondary Buyout

1 (1%)

Total

$1.7B

$3.6B

Type	Total #	Value
Trade Sale - Public Company	30 (68%)	11.9B (81%)
Trade Sale	6 (14%)	2.5B (17%)
Unknown	4 (9%)	-
IPO	3 (7%)	-
Secondary Sale	1 (2%)	326M (2%)
Total	44	$14.7B

Type

Total #

Value

Trade Sale - Public Company

30 (68%)

11.9B (81%)

Trade Sale

6 (14%)

2.5B (17%)

Unknown

4 (9%)

IPO

3 (7%)

Secondary Sale

1 (2%)

326M (2%)

Total

$14.7B

Financial	Deals
Greenhill & Co., Inc.	1

Financial

Deals

Greenhill & Co., Inc.

Legal	Deals
Thompson & Knight LLP	2
Hunton Andrews Kurth LLP	1

Legal

Deals

Thompson & Knight LLP

Hunton Andrews Kurth LLP

buy	#	Total
$100M to $1B	11	$3.9B
< $100M	2	$105M
TOTAL	$4.0B
Largest	Sierra Oil & Gas S. de R.L. de C.V $525M (2014-09-18)

buy

Total

$100M to $1B

$3.9B

< $100M

$105M

TOTAL

$4.0B

Largest

Sierra Oil & Gas S. de R.L. de C.V
$525M (2014-09-18)

sell	#	Total
> $1B	6	$9.6B
$100M to $1B	19	$7.7B
TOTAL	$17.3B
Largest	Cordillera Energy Partners III LLC $2.9B (2012-01-23)

sell

Total

> $1B

$9.6B

$100M to $1B

$7.7B

TOTAL

$17.3B

Largest

Cordillera Energy Partners III LLC
$2.9B (2012-01-23)

		Deals
Acquired from
Investor(s)	1%	1 (1%)
Exited to
Investor(s)	2%	1 (2%)
Strategic(s)	57%	25 (57%)

Deals

Acquired from

Investor(s)

1 (1%)

Exited to

Investor(s)

1 (2%)

Strategic(s)

25 (57%)

EnCap Investments Mergers and Acquisitions Summary

Growth Capital Firm Profile

M&A Summary