Press Release
March 1, 2023

Holland & Knight Advises Riley Exploration Permian in Connection with $330M Acquisition of Assets from Pecos Oil & Gas

DALLAS (March 1, 2023) – Holland & Knight advised Riley Exploration Permian, Inc. (NYSE American: REPX) on debt financing matters in connection with the acquisition of oil and gas assets from Pecos Oil & Gas, LLC, an affiliate of Cibolo Energy Partners LLC, for cash consideration of $330 million. The deal was announced on Feb. 28, 2023. 

The acquisition will be funded through a combination of borrowings under Riley Permian’s revolving credit facility and the proceeds from the issuance of new senior unsecured notes. Concurrent with the signing of the purchase agreement, Riley Permian entered into a commitment letter with EOC Partners Advisors L.P. for the issuance of $200 million of senior unsecured notes upon closing of the acquisition.  At the time of the acquisition, Riley Permian also completed an amendment to its revolving credit facility to increase the borrowing base by $100 million to $325 million.

Headquartered in Oklahoma City, Oklahoma, Riley Permian is a growth-oriented, independent oil and natural gas company focused on the acquisition, exploration, development and production of oil, natural gas and natural gas liquids.

Holland & Knight Partners Kurt Summers and Arthur Lotz led the firm’s representation of Riley Permian.

More information on the transaction can be found here.

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