Point Energy Partners II (Point Energy) announced the completion of its previously announced $1.1 billion all cash sale of its assets to Vital Energy, Inc. (Vital) and Northern Oil and Gas, Inc. (NOG).
Point Energy is a portfolio company of Vortus Investments Advisors.
Point Energy is proud to announce a significant milestone in its operational journey, having increased production from an initial 300 net barrels of oil equivalent per day (boepd) to over 40,000 net boepd over a span of six years. This impressive growth underscores Point Energy’s commitment to innovation and excellence in the oil and gas sector.
“This incredible achievement would not have been possible without our remarkable staff and team members who have all contributed to our success. Their dedication and expertise have been instrumental in driving our growth and innovation,” said Bryan Moody, CEO of Point Energy Partners. “We have enjoyed collaborating with and look forward to watching Vital and NOG build upon the success achieved to date on these assets.”
Since its initial acquisition, Point Energy has maintained a focus on optimal development of its assets, including the implementation of 15,000-foot laterals and industry leading completion designs, significantly enhancing the efficiency and productivity of its Delaware Basin resources. The company advanced the development of the 1st Bone Spring and Wolfcamp C targets in its area of the basin, setting industry standards for future exploration and production.
In addition to bolstering production, Point Energy strategically built midstream and mineral assets to complement the capital efficiency of its operations. This opportunistic approach has allowed the company to optimize resource management and enhance overall asset value.
John Sabia, Senior Partner of Point Energy Partners stated, “The support of our financial partners at Vortus Investment Advisors and our many banking partners was integral to our ability to successfully navigate and benefit from multiple commodity price cycles, culminating in a very positive exit for all parties.”
Vortus Co-Founders and Managing Partners Brian Crumley and Jeffrey Miller commented, “The tremendous growth and value creation under the leadership of Bryan Moody and John Sabia in building an industry leading and scalable operation has its success rooted in their backgrounds as U.S. military veterans. Their veteran backgrounds have also been reflected, since inception, in the Point Energy name and logo. We are proud to be partners with Point Energy on this and other investments for the benefit of Vortus and its partners.”
As Point Energy continues to evolve, the company remains committed to advancing sustainable practices and exploring new opportunities for growth within the energy sector.
