Prairie E&P 投资者 Bristol Capital Advisors 计划收购 SPAC

总部位于犹他州帕克城的特殊目的收购公司 Vendome Acquisition 预计将于 7 月进行 IPO，融资 2 亿美元。

妮莎
达尔博讷
石油和天然气投资者

布里斯托尔资本顾问公司 (Bristol Capital Advisors) 是丹佛-朱尔斯堡 (DJ) 盆地上市公司Prairie Operating的母公司，该公司正在筹划成立一家特殊目的收购公司 (SPAC)。

总部位于犹他州帕克城的特殊目的收购公司 (SPAC) Vendome Acquisition 预计将于 7 月 2 日在纳斯达克进行 IPO，融资 2 亿美元。唯一的账簿管理人是 D. Boral Capital。

布里斯托尔资本顾问公司 (Bristol Capital Advisors) 由 Vendome 执行主席保罗·凯斯勒 (Paul Kessler) 和总裁戴安娜·德里克兹-凯斯勒 (Diana Derycz-Kessler) 于 2000 年共同创立，该公司在向美国证券交易委员会 (SEC) 提交的 SPAC S-1 文件中并未指定收购目标行业。

凯斯勒曾领导漫画大会主办方 Wizard Entertainment，该公司后来于 2021 年成为加密货币挖矿公司 Creek Road Miners。

随后，Creek Road 于 2023 年与 Prairie Operating 进行了反向合并。Prairie Operating 是一家由石油和天然气高管 Gary Hanna 和金融家 Edward Kovalik 共同创立的初创勘探与生产公司。Prairie 于 2024 年剥离了其加密货币挖矿资产。

凯斯勒是 Prairie 仅存的 Creek Road 分支机构，他于 10 月因时间限制辞去董事会职务。

他和德里克-凯斯勒于今年1月成立了Vendome。根据E&P提交给美国证券交易委员会的代理文件，他们的布里斯托尔投资基金(Bristol Investment Fund)在4月份持有Prairie 8.7%的股份。

Derycz-Kessler 长期活跃于石油和天然气领域，曾于 2017 年至 2024 年担任Tellurian Inc.的董事，该公司拥有液化天然气出口许可证，并于 2016 年至 2017 年担任 Tellurian Investments 的董事。

Tellurian 原计划在路易斯安那州西南海岸建造这座工厂，但于 2024 年被出售给澳大利亚液化天然气出口商Woodside Energy，后者现已开始建设。

Derycz-Kessler 的职业生涯始于纽约，担任国际石油和天然气律师。之后，她加入西方石油公司，担任其拉丁美洲勘探与生产业务的律师。

与此同时，Vendome 在其 S-1 文件中称，Paul Kessler 的工作涉及能源、技术和消费品等多个领域。

草原，26,000桶油当量/天

罗斯资本合伙公司 (Roth Capital Partners)分析师利奥·马里亚纳 (Leo Mariana ) 表示，总部位于休斯顿的 Prairie 公司通过收购已扩大到 47,500 净英亩，日产量约为 26,000 桶油当量，其中 70% 为液体，他对该股票的评级为“买入”。

据富达投资 (Fidelity Investments)称，6 月 27 日该股交易价为 3.22 美元，市值为 1.41 亿美元，流通股数为 4,383 万美元。

过去12个月的收入为2200万美元。债务资本比率为63%。

Prairie 在 5 月份提交给美国证券交易委员会 (SEC) 的文件中称，E&P 的大部分租赁权来自于 4 月 11 日对总部位于丹佛的Bayswater Exploration & Production公司 DJ Basin 资产的收购，收购价格为 4.83 亿美元现金、1500 万美元托管金和 370 万股股票。

当时该股票的价值为 1560 万美元，而股价为 4.21 美元。

2 月 7 日的原始交易公告显示，收购价格为 6.03 亿美元，包括未公开的现金金额和 520 万股股票，当时每股价值 8.64 美元，即 4500 万美元。

然而，根据美国能源信息署的油价数据，自该交易宣布到结束，近月 WTI 合约价格从每桶 71 美元跌至每桶 62 美元。

根据 Prairie 4 月 22 日向美国证券交易委员会提交的代理文件，Bayswater 持有 Prairie 8.5% 的股份。

在完成 Bayswater 交易之前，Prairie 计划于 2024 年 1 月以 9500 万美元的价格从Nickel Road Operating（总部位于德克萨斯州沃思堡的 Vortus Investment Advisors 的投资组合 E&P）手中收购 DJ Basin 资产。

这些资产包括 5,526 英亩净租赁土地、26 口运营生产水平井和 90 张油井许可证，全部位于科罗拉多州韦尔德县。

根据 Prairie 提交给美国证券交易委员会 (SEC) 的文件，该交易于 10 月 1 日以 4960 万美元现金完成。2024 年 12 月的和解协议最终确定了 5550 万美元的收购价格。

Prairie 通过出售股票和发行优先可转换债券筹集现金。

Prairie 联合创始人汉娜 (Hanna) 曾担任专注于二叠纪盆地的Rosehill Resources董事长，该公司由 Tema Oil & Gas 与一家特殊目的收购公司KLR Energy Acquisition合并而成。

罗斯希尔摆脱破产后，于 2021 年被Lime Rock Resources以 5.08 亿美元收购。

此前，汉纳曾领导能源投资银行 KLR 集团和专注于海上业务的EPL Oil & Gas公司，后者于 2014 年以 23 亿美元的价格出售给Energy XXI 。

Prairie 的另一位联合创始人科瓦利克 (Kovalik) 曾任投资银行 Unity National Financial Services 的首席执行官、Prairie Partners Solar & Wind 的联合创始人、KLR 的首席执行官以及油田水公司 Seawolf Water 的首席执行官。

评论
评论

添加新评论

本次对话将根据 Hart Energy 社区规则进行。请在加入讨论前阅读规则。如果您遇到任何技术问题，请联系我们的客服团队。

关于文本格式
原文链接/HartEnergy

Prairie E&P Investor Bristol Capital Advisors Plans SPAC

The Park City, Utah-based special purpose acquisition corporation, Vendome Acquisition, expects to IPO in July in a $200 million raise.

Nissa
Darbonne
Oil and Gas Investor

Bristol Capital Advisors, the investment firm behind the micro-cap from which publicly traded Denver-Julesburg (D-J) Basin buyer Prairie Operating was born, is planning a SPAC.

The Park City, Utah-based special purpose acquisition corporation (SPAC), Vendome Acquisition, expects to IPO on the NASDAQ in a $200 million raise July 2. The sole book-running manager is D. Boral Capital.

Bristol Capital Advisors, co-founded in 2000 by Paul Kessler, Vendome’s executive chairman, and Diana Derycz-Kessler, president, didn’t specify an acquisition target sector in the SPAC’s S-1 filing with the U.S. Securities and Exchange Commission (SEC).

Kessler previously led comic conventions host Wizard Entertainment that later became cryptocurrency-mining firm Creek Road Miners in 2021.

Creek Road then did a reverse merger in 2023 with Prairie Operating, a start-up E&P co-founded by oil and gas executive Gary Hanna and financier Edward Kovalik. Prairie divested its crypto mining assets in 2024.

Kessler, who was the last remaining Creek Road affiliate at Prairie, resigned from the board in October, citing time constraints.

He and Derycz-Kessler formed Vendome in January. Their Bristol Investment Fund held 8.7% of Prairie’s shares in April, according to the E&P’s proxy filing with the SEC.

Long active in oil and gas, Derycz-Kessler was a director at Tellurian Inc., which owned an LNG export permit, from 2017 to 2024 and a director of Tellurian Investments from 2016 to 2017.

Tellurian, which planned to build the plant on the southwestern Louisiana coast, was sold in 2024 to Australia-based LNG-exporter Woodside Energy, which has since commenced construction.

Derycz-Kessler began her career as an international oil and gas attorney based in New York. Later, she worked for Occidental Petroleum as an attorney in its Latin American E&P operations.

Meanwhile, Paul Kessler’s work has involved many sectors, including energy, technology and consumer products, Vendome reported in its S-1.

Prairie, 26,000 boe/d

Houston-based Prairie has grown via acquisitions to 47,500 net acres, producing some 26,000 boe/d, 70% liquids, according to Roth Capital Partners analyst Leo Mariana, who has a Buy rating on the stock.

Shares were trading at $3.22 on June 27 for a market cap of $141 million with 43.83 million outstanding, according to Fidelity Investments.

Trailing 12-month revenue was $22 million. Debt/capital was 63%.

The bulk of the E&P’s leasehold came from an April 11 acquisition of Denver-based Bayswater Exploration & Production’s D-J Basin property for $483 million in cash, $15 million in escrow and 3.7 million shares, Prairie reported in an SEC filing in May.

The stock was worth $15.6 million while shares were trading at $4.21 at the time.

The original deal announcement Feb. 7 had been for a purchase price of $603 million consisting of an undisclosed sum of cash and 5.2 million shares, which were worth $8.64/share at the time or $45 million.

However, the prompt-month WTI contract declined from $71/bbl to $62/bbl between the time of the deal’s announcement and its closing, according to U.S. Energy Information Administration oil price data.

Bayswater held 8.5% of Prairie’s stock, as per Prairie’s April 22 proxy filing with the SEC.

Prior to the Bayswater deal, Prairie planned to buy D-J Basin property in January 2024 for $95 million from Nickel Road Operating, a portfolio E&P of Fort Worth, Texas-based Vortus Investment Advisors.

The assets consisted of 5,526 net leasehold acres, 26 operated producing horizontal wells and 90 well permits, all in Weld County, Colorado.

The deal was closed Oct. 1 for $49.6 million in cash, according to a Prairie filing with the SEC. A December 2024 settlement resulted in a final purchase price of $55.5 million.

Prairie raised the cash via selling stock and issuing a senior convertible note.

Prairie co-founder Hanna was chairman of Permian Basin-focused Rosehill Resources, formed from the merger of Tema Oil & Gas and a SPAC, KLR Energy Acquisition.

Rosehill was acquired in 2021 for $508 million by Lime Rock Resources after Rosehill emerged from bankruptcy.

Prior, Hanna led energy investment banker KLR Group and offshore-focused EPL Oil & Gas, which was sold to Energy XXI for $2.3 billion in 2014.

The other Prairie co-founder Kovalik was CEO of investment banker Unity National Financial Services, a co-founder of Prairie Partners Solar & Wind, CEO of KLR and CEO of oilfield water company Seawolf Water.

Comments
Comments

Add new comment

This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.

About text formats