BlueStone Natural Resources II LLC has closed on six major transactions since its formation in February 2012, increasing proved reserves to more than 100 billion cubic feet (bcf) equivalent. In total, the company now operates more than 500 wells located in South Texas and the Barnett Shale, with net production of more than 25 million cubic feet equivalent per day.
BlueStone still has capacity for additional acquisitions using undrawn equity commitments and additional funding under its $200 million credit facility with Wells Fargo Bank, N.A.
Additionally, BlueStone Natural Resources has continued development of its holdings in the Mossy Grove field located in Madison and Walker counties in eastern Texas. A total of four vertical wells have been drilled to date, with an additional four to eight vertical wells planned in 2013. The wells are targeting the Eaglebine and multiple Cretaceous targets. The company has approximately 22,000 net acres located in the play.
“We are excited about our recent acquisitions and the success of our East Texas drilling program,” said John Redmond, president and CEO of the affiliated BlueStone entities. “We look forward to continuing our growth in 2013. Our affiliation with our equity sponsor, Natural Gas Partners, has been a tremendous asset in facilitating our growth, both through acquisitions and through the drill bit. We will continue to pursue property acquisitions in South Texas and the Barnett Shale in an effort to build out our portfolio in these key areas.”