Private investment firm Westlawn Group came out swinging last year. The relative newcomer formed two oil and gas portfolio companies in 2023, pulling the trigger on its strategy to acquire operated and non-operated interests in producing, development, and exploration assets. Inside seven months, the Houston-based firm brought home the groceries, snapping up four deals with an eye on more in ’24.
Reese Energy Consulting today is following the latest from Westlawn, which in June two-stepped into the Permian with the creation of Ellipsis. The company closed its first deal sweeping up assets of two portfolio companies managed by North Hudson Resource Partners. The Delaware buy included 4.5 MBOED and 250 gross remaining locations. Fast forward to October and an encore dance in the Delaware, where Ellipsis picked up more non-operating assets that added 3 MBOED, and 900 gross remaining locations.
Then came December and a fat wallet whirlwind. Westlawn on the 19th took a deep dive with the introduction of Westlawn Americas Offshore and its acquisition of multiple assets in deepwater Gulf of Mexico. As part of a joint venture awarded high bidder on a federal lease sale earlier last year, WAO picked up three leases in the Outer Continental Shelf along with significant working interests in the Zephyrus discovery, Winterfell development, and the producing Spruance, Abilene, Who Dat, and Dome Patrol fields with a current 10+ MOBED.
Two days later, Ellipsis acquired a package of assets that span the Delaware, DJ Basin, and the Texas-Louisiana Salt Basin with an expected combined production of 13+ MBOED in 2024 and more than 1,900 remaining locations in inventory.