Presidio Petroleum announced plans to go public via a definitive business combination agreement with EQV Ventures Acquisition Corp. The combined company is expected to have an estimated post-transaction enterprise value of approximately $660 million, including acquired assets. The combined business will operate over 2,000 producing wells across Texas, Oklahoma and Kansas with expected net production of 26 million boed in 2025.
The proposed business combination will result in Presidio becoming a publicly listed company with an expected listing on the NYSE under the ticker “FTW,” reflecting Presidio's roots in Fort Worth, Texas, where it is headquartered.
The combined company, named Presidio Production Company, will be led by Presidio's existing management team, including Will Ulrich and Chris Hammack as Co-CEOs. As part of the transaction, Presidio will also acquire a complementary Texas Panhandle asset from an affiliate of EQV, EQV Resources LLC. EQV’s sponsor will maintain a significant ownership stake in Presidio post-closing.
Presidio has a strong track record of substantial acquisitions and intends to acquire and optimize additional producing oil and gas wells. Presidio will optimize these acquisitions through the application of technology, which includes automation, real-time data analytics and the introduction of AI processes.
Presidio's entry into the public markets comes at a pivotal moment in the energy sector, as the capital-intensive shale era gives way to a more disciplined focus on returns. Presidio’s differentiated model stands out with zero reliance on future drilling, minimal capital investment, and substantial free cash flow.
Presidio's strategy of acquiring under-managed oil and gas wells offers a contrarian and validated approach to hydrocarbon asset management with a focus on acquiring new assets, and optimizing existing production assets, across the United States.
"Presidio was purpose-built to be the last, best steward of America's oil and gas wells," said Will Ulrich, Co-Founder and Co-CEO of Presidio. "This transaction provides a permanent platform to scale our yield-focused model, pursue highly accretive acquisitions, and generate value for shareholders."
"Presidio represents the next evolution of the public oil and gas company — efficient, predictable, and yield-driven within a simple and transparent business model," added Chris Hammack, Co-Founder and Co-CEO. "We believe our track-record of acquisitions and meaningful cost optimization make us the strongest near-term consolidator of mature assets."
“America’s oilfield needs capital-disciplined operators focused on deploying new technology to create long-term value,” continued Ulrich. “We have the expertise, track record and capital discipline to squeeze efficiency from every molecule and barrel, delivering superior returns.”
"This transaction with Presidio aligns with our vision to bring a world-class dividend yield focused producing energy company to the public markets," commented Jerry Silvey, Founder and CEO of EQV. "The structure of the transaction and meaningful commitments from investors will be critical to support the tested and experienced management team at Presidio. With our complementary expertise and shared vision, we are confident that Presidio will be a sustainable yield leader, well-positioned to be a preferred consolidator of producing oil and gas assets."
