Boaz Energy divests Texan assets to T2S Permian Acquisition in strategic restructuring

Boaz Energy II has completed the sale of its oil properties and trust units to T2S Permian Acquisition II, refocusing its operations while maintaining administrative continuity of the PermRock Royalty Trust.

Share:

Boaz Energy II, a Texas-based oil operator, has finalised the sale of all its rights in oil assets underlying the PermRock Royalty Trust to T2S Permian Acquisition II LLC. The deal, initially initiated by an agreement signed on 10 January, was formally closed on 31 March. The sale also includes Boaz Energy’s transfer of nearly 4.9 million Trust units, representing beneficial interests, to Ustx LLC, a wholly owned subsidiary of the buyer.

Complete transfer of assets and beneficial rights

The transaction covers the entirety of rights, titles and interests held by Boaz Energy II and its affiliate Boaz Energy II Royalty in the oil properties of the PermRock Royalty Trust. These properties will remain subject to the Net Profits Interest Conveyance dated 4 May 2018, which defines the Trust’s beneficiary entitlements. The Trust, listed on the New York Stock Exchange, will continue to be managed by Argent Trust Company, which succeeded Simmons Bank as trustee.

Operator transition and continued fiduciary management

Boaz Energy has expressed its intention to support the operational transition to the new buyer to ensure a smooth handover of the oil asset management. No changes are planned for the Trust’s administration, according to Argent Trust Company, which has confirmed it will continue its duties as usual. The divestiture marks a strategic repositioning for Boaz Energy while ensuring ongoing distributions to unit holders.

  • Populaires ​
Shell forced to amend two annual reports following EY’s compliance breach
Shell ships first LNG cargo from its LNG Canada facility
GE Vernova and Fortum launch major nuclear project in Scandinavia
Ignitis begins construction of three energy storage parks in Lithuania
TotalEnergies acquires 1.5 GW of AES renewable assets in the Caribbean
Libya reopens the Hamada-Zawiya pipeline after six-week shutdown
The flow of crude between the Hamada field and the Zawiya refinery has resumed after emergency repairs, illustrating the mounting pressure on Libya’s ageing pipeline network that threatens the stability of domestic supply.
Gabon reactivates deep offshore blocks to stem oil decline
Libreville is intensifying the promotion of deep-water blocks, still seventy-two % unexplored, to offset the two hundred thousand barrels-per-day production drop recorded last year, according to GlobalData.
Afreximbank raises to $375 mn the reserve-based credit for Oando
The African Export-Import Bank extends the Nigerian oil company’s facility, providing room to accelerate drilling and modernisation by 2029 as international lenders scale back hydrocarbon exposure.
Petronas Launches Strategic Drilling Campaign Offshore Suriname
Petronas begins a three-well exploratory drilling campaign offshore Suriname, deploying a Noble rig after securing an environmental permit and closely collaborating with state-owned company Staatsolie.
Glencore in talks with London over future of insolvent Lindsey oil refinery
Swiss commodities trader Glencore has initiated discussions with the British government regarding its supply contract with the Lindsey refinery, placed under insolvency this week, threatening hundreds of jobs and the UK's energy security.
Mauritania: Sonatrach and SMH launch strategic partnership in downstream oil sector
Facing an under-equipped downstream sector, Mauritania partners with Sonatrach to create a joint venture aiming to structure petroleum products distribution and reduce import dependency, without yet disclosing specific investments.
Dalinar Energy wins recommendation to acquire Citgo with $7.38bn bid
Dalinar Energy, a subsidiary of Gold Reserve, receives official recommendation from a US court to acquire PDV Holdings, the parent company of refiner Citgo Petroleum, with a $7.38bn bid, despite a higher competing offer from Vitol.
Global Oil Exploration Investments Decline, a First Since 2020
Oil companies may reduce their exploration and production budgets in 2025, driven by geopolitical tensions and financial caution, according to a new report by U.S. banking group JP Morgan.
US oil inventories unexpectedly rise by 3.8 million barrels
Commercial oil inventories in the United States rose unexpectedly last week, mainly driven by a sharp decline in exports and a significant increase in imports, according to the US Energy Information Administration.
TotalEnergies acquires 25% stake in Block 53 in Suriname and strengthens its offshore presence
TotalEnergies acquires a 25% stake in Block 53 offshore Suriname, joining APA and Petronas after an agreement with Moeve, thereby consolidating its expansion strategy in the region.
Prax Group files for insolvency in the UK after losses at Lindsey refinery
British company Prax Group has filed for insolvency, putting hundreds of jobs at its Lindsey oil site at risk, according to Sky News.
Orlen ends Russian oil purchases for Czech refinery after contract expiry
Orlen announces the definitive halt of its Russian oil purchases for the Czech Republic, marking the end of deliveries by Rosneft following the contract expiry, amid evolving logistics and diversification of regional supply sources.
Adura becomes the leading independent oil and gas producer in the North Sea
Equinor and Shell launch Adura, a new joint venture consolidating their main offshore assets in the United Kingdom, aiming to secure energy supply with an expected production of over 140,000 barrels of oil equivalent per day.
Equinor discovers up to 15 mn barrels of oil at Johan Castberg in the Barents Sea
Equinor announces a new oil discovery estimated at between 9 and 15 mn barrels at the Johan Castberg field in the Barents Sea, strengthening the reserve potential in Norway's northern region.
Sierra Leone launches extensive offshore oil exploration with 60 potential blocks
Sierra Leone relaunches an ambitious offshore exploration campaign, using a 3D seismic survey to evaluate up to 60 potential oil blocks before opening a new licensing round as early as next October.
Zambia restructures petroleum logistics to stabilise energy supply
Faced with recurrent shortages, Zambia is reorganising its fuel supply chain, notably issuing licences for operating new tanker trucks and service stations to enhance national energy security and reduce external dependence.
Grangemouth Closure: UK Oil Stocks at Highest Level in Three Years
The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.
Mexco Energy reports 27% increase in annual profit
Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.
S&P downgrades Ecopetrol to BB, Moody’s maintains Ba1 rating
S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
Shell officially rules out any takeover offer for rival BP
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS