American Oil and Gas Reporter - August 2021 - 21

IndustryDigest
the transaction, Hawkwood's existing
shareholders will retain a roughly even
split equity interest in WildFire,
alongside 50% held by WildFire's
management team and private equity
sponsor Kayne Anderson.
Hawkwood reports it has liquidsweighted
production around 15,000
gross equivalent barrels a day,
spanning 160,000 net acres in East
Texas' Eagle Ford Basin. The company
says WildFire Energy formed to
acquire and optimize productionweighted
oil and gas assets, and notes
it is led by Chief Executive Officer
Anthony Bahr, President and Chief
Operating Officer Steve Habachy and
Chief Financial Officer Drew Cozby.
The combined entity will retain the
WildFire Energy name, and after
closing, will see the WildFire team
operate the assets, Hawkwood says,
noting that the team previously managed
WildHorse Resource Development
Corp. until its 2019 sale to Chesapeake
Energy for nearly $4 billion.
Moreover, Hawkwood notes a
significant equity investment from
Kayne Anderson and WildFire
Energy's management team will delever
the company substantially.
" Enabled by its strong balance sheet,
WildFire will actively pursue attractive
risk/reward opportunities both through
the drill bit and via accretive
acquisitions, " says Kayne Anderson
Managing Partner Mark Teshoian. " We
look forward to continuing our
partnership with the WildFire team as
it enters this next stage. "
" We are proud of what Hawkwood
has accomplished since entering the
Eagle Ford and believe joining with
WildFire is the next logical step in our
evolution, " says Hawkwood CEO Jim
Addison. " We are impressed by the
team's extensive knowledge of and
experience in this basin and are excited
for the opportunities that lay ahead. "
" We look forward to leveraging our
prior experience as neighbors to
Hawkwood to continue the team's track
record of efficient, profitable operations, "
Bahr affirms. " The improving
environment for oil and gas presents
exciting opportunities for WildFire, and
we are pleased to have the backing of
our sponsors to go pursue them. "
Hawkwood says it expects the
transaction to close in the third quarter
of 2021. ❒
Gas Storage Levels
Climb By 156 Bcf
WASHINGTON-Underground
natural gas storage in the United States
stood at 2.724 trillion cubic feet on July
23, 5.8% below the five-year average,
according to the U.S. Energy
Information Administration. That was
up 156 billion cubic feet from the 2.558
Tcf in storage on June 25, which was
5.3% below the five-year average. The
July 23 storage number was 523 Bcf
lower than a year ago, when gas storage
stood at 3.237 Tcf.
Gas storage in the East Region was
583 Bcf on July 23, 8.3% below the
five-year average, and 70 Bcf more
than on June 25, when storage stood at
513 Bcf, 7.6% below the five-year
average. East Region gas storage on
July 23 fell 121 Bcf from a year ago,
EIA reports.
Gas storage in the Midwest stood at
702 Bcf on July 23, 1.8% below the
five-year average and 79 Bcf more than
the 623 Bcf in storage on June 25, which
was 1.3% below the five-year average.
July 25 gas storage in the Midwest was
111 Bcf less than a year ago.
In the Mountain Region, EIA
continues, gas storage was 184 Bcf on
July 23, 1.7% above the five-year
average and 11 Bcf more than the 173
Bcf stored on May 28, which was 5.5%
above the five year-average. Gas storage
in the Mountain Region was 11 Bcf less
than a year ago.
Gas storage in the Pacific Region was
246 Bcf on July 23, 14.9% below the
five-year average and 2 Bcf more than
the 244 Bcf stored on June 25, which
was 13.2% below the five-year average.
Pacific Region gas storage on July 23
was down 67 Bcf from a year ago.
In the South-Central Region, gas
storage levels on July 25 were 999
Bcf, 5.8% below the five-year average
and 6 Bcf less than the 1.005 Tcf in
storage on June 25, which was 6.1%
below the five-year average. The July
23 gas storage level for the SouthCentral
Region was down 213 Bcf
from a year ago. ❒
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AUGUST 2021 21
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American Oil and Gas Reporter - August 2021

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