OneRock Energy: Expanding Presence in Powder River Basin with Northwoods Energy Acquisition

Houston-based private equity firm, OneRock Energy Holdings, LLC, has announced its acquisition of Northwoods Management Company and certain related entities, collectively known as Northwoods. This strategic move solidifies OneRock's position in resource-rich unconventional plays, marking a crucial component of its growth strategy in the E&P business. The transaction, subject to customary terms and conditions, is expected to close in the third quarter of 2023.

With a dedicated focus on identifying and seizing acquisition and development opportunities, OneRock Energy Holdings is the upstream investment arm of Pan Management. This acquisition not only expands OneRock's commodity optionality but also aligns seamlessly with Pan Management's overarching investment strategy.

The assets owned by Northwoods are located in the Powder River Basin, encompassing over 160,000 predominantly contiguous net acres of leasehold interests in Converse, Campbell, and Johnson Counties in Wyoming. These highly productive assets produce approximately five thousand barrels of oil equivalent. The acquisition of Northwoods Energy presents a significant growth opportunity for OneRock Energy.

Daniel Fan, Partner and Head of North American E&P Investments at Pan Management, expresses his enthusiasm about the acquisition, stating, "We consider this acquisition to be a pivotal move for OneRock, solidifying our position with a robust presence in resource-rich unconventional plays. It represents a crucial component of our growth strategy into the E&P business, while concurrently expanding our commodity optionality and seamlessly aligning with Pan Management's overarching investment strategy. We anticipate leveraging the OneRock platform to acquire further assets and strategically expand our footprint."

With the acquisition of Northwoods Energy, OneRock Energy aims to maximize the value of oil and gas assets in the Powder River Basin, unlocking their full potential. This move further strengthens OneRock's commitment to fostering growth and capitalizing on opportunities in the oil and gas industry.

OneRock Energy has partnered with Willkie Farr & Gallagher LLP, a leading legal advisor, to facilitate the acquisition. The legal expertise of Willkie Farr & Gallagher LLP ensures compliance with all necessary terms and conditions throughout the transaction process.

About OneRock Energy:

OneRock Energy Holdings is a Houston-based oil and gas private equity firm and the upstream investment arm of Pan Management. With a dedicated focus on identifying and seizing acquisition and development opportunities, OneRock is committed to fostering growth and unlocking the value of oil and gas assets.

About Pan Management:

Established in 2013, Pan Management is an energy investment firm headquartered in Houston, Texas, with expertise spanning natural gas trading, upstream oil and gas investment, and midstream oil and gas investment. The leadership team boasts decades of combined investment experience in the energy industry, overseeing a portfolio of over $2 billion of assets under management.

In conclusion, OneRock Energy's acquisition of Northwoods Energy in the Powder River Basin marks a pivotal move for the company. This strategic acquisition strengthens OneRock's presence in resource-rich unconventional plays and aligns seamlessly with Pan Management's investment strategy. With a focus on unlocking the value of oil and gas assets, OneRock Energy remains committed to fostering growth and capitalizing on opportunities in the oil and gas industry.