OR WAIT null SECS
The acquisition, including 33 operated oil wells, marks the firm's first investment in upstream oil and gas.
A subsidiary of XMC Strategies, Pompano Resource Transformation, has disclosed its purchase of a Gulf Coast oil property, incorporating 33 operated oil wells, from Paloma Natural Gas. The latter company is partially owned by EnCap Investments, a private equity firm based in Houston. The financial specifics of the agreement remain confidential.
Pompano serves as XMC Strategies' procurement division and is managed by Catherine Flax. "We at XMC Strategies advocate an approach named 'Full Spectrum Energy Investment'," Flax commented. "Our strategy is to procure oil and gas properties, oversee them through their lifecycle, transform them into sustainable energy sources, and generate environmental attributes."
She further stated, "This procurement marks our inaugural investment in upstream oil and gas, and we plan to continually seek additional profitable investments that satisfy our return and operational standards."
Earlier this month, another XMC Strategies platform company, Zefiro Methane Corp., announced its majority ownership acquisition of Plants & Goodwin, a Pennsylvania-based service provider known for plugging orphaned oil and gas wells over the past five decades. Zefiro Methane Corp. works on minimizing methane emissions by sealing orphaned and abandoned oil and gas wells while generating methane emission offsets. This acquisition prepares Zefiro to address the challenges presented by unproductive wells left by oil and gas producers over the years.
XMC Strategies' Founder and Managing Partner, Talal Debs, PhD., remarked, "We are swiftly launching an innovative type of enterprise that combines actual physical process innovation, financial risk management, and new forms of capital, such as environmental credit markets. The recent acquisitions of Plants & Goodwin and Paloma’s Gulf Coast Oil assets are integral to our aggressive strategy to create a collection of capabilities specific to the burgeoning needs and opportunities within the energy transition sector."