M&A Deal Summary

Riley Exploration Permian Acquires Silverback Exploration II

On July 2, 2025, Riley Exploration Permian acquired oil/gas exploration company Silverback Exploration II from EnCap Investments

Acquisition Highlights
  • This is Riley Exploration Permian’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Riley Exploration Permian’s 1st transaction in the United States.
  • This is Riley Exploration Permian’s 1st transaction in Texas.

M&A Deal Summary

Date 2025-07-02
Target Silverback Exploration II
Sector Oil/Gas Exploration
Buyer(s) Riley Exploration Permian
Sellers(s) EnCap Investments
Deal Type Add-on Acquisition

Target

Silverback Exploration II

San Antonio, Texas, United States
Silverback Exploration II is an independent oil and gas exploration company. Silverback II was formed to pursue organic development projects and strategic acquisitions in conventional and unconventional resource plays across the U.S. Silverback Exploration II was founded in 2017 and is based in San Antonio, Texas.

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Buyer(S) 1

Buyer

Riley Exploration Permian

Oklahoma City, Oklahoma, United States

Category Company
Sector Oil/Gas Exploration
Employees103
Revenue 410M USD (2024)
DESCRIPTION

Riley Exploration Permian is an independent oil and natural gas company, focuses on the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in Texas and New Mexico. Riley Exploration Permian is based in Oklahoma City, Oklahoma.


DEAL STATS #
Overall 1 of 1
Sector: Oil/Gas Exploration M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: Texas M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 1

Seller(S) 1

SELLER

EnCap Investments

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1988
PE ASSETS 38.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EnCap Investments is a private equity firm focused on the US energy sector. EnCap specifically looks for upstream and midstream opportunities within the oil and gas industry. EnCap generally partners with seasoned management when pursuing investments. EnCap Investments has offices in Dallas and Houston.


DEAL STATS #
Overall 60 of 60
Sector: Oil/Gas Exploration M&A 56 of 56
Type: Add-on Acquisition M&A Deals 38 of 38
State: Texas M&A 45 of 45
Country: United States M&A 59 of 59
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-04 PowerTransitions

Houston, Texas, United States

PowerTransitions is a utility-scale power developer that acquires and redevelops legacy or retiring thermal power assets with existing grid connections that can be enhanced or modified to add new generation through the co-location of solar and/or battery energy storage systems. PowerTransitions is based in Houston, Texas.

Sell -