Peak 10 Energy has recently completed the acquisition of the Verado assets, situated in the Midland Basin. This strategic move, involving Black Topaz Oil & Gas and Blue Topaz Oil & Gas, represents Peak 10's eighth successful acquisition since its establishment in August 2023. The newly acquired oil and gas properties, primarily located in Scurry County, Texas, are anticipated to substantially enhance Peak 10's liquid-weighted production capacity and lay a solid groundwork for future value generation.
This acquisition, with over 90% of its operations managed directly by Peak 10, aligns perfectly with the company's overarching growth strategy for its onshore US operations. Peak 10's CEO, Kyle McQuire, highlighted the team's exceptional capability in identifying and finalizing intricate deals, as well as their proficiency in seamlessly integrating and optimizing these new assets. He emphasized Peak 10's proven track record in Texas, particularly within its operated positions, affirming the company's reliability and effectiveness as a custodian of premium oil and gas assets.
The Verado assets are expected to bring considerable scale and expand Peak 10's operational inventory within a vital region. Brandon Powell, Peak 10's Chief Financial Officer, underscored that the successful conclusion of this transaction reflects the company's long-term vision and the unwavering support received from its financial collaborators. He noted the strong momentum of their asset consolidation strategy, coupled with the operational expertise required to enhance existing assets and the disciplined approach to executing their growth plan on a broader scale.
Financial support for Peak 10's endeavors is provided by Legacy Star Capital Partners, a private equity firm based in the United States. Petrie Partners served as the financial advisor for Peak 10 throughout this transaction, while Gray Reed offered legal counsel, ensuring a smooth and compliant acquisition process.
This latest acquisition underscores Peak 10 Energy's proactive approach to expanding its footprint and operational capabilities within the oil and gas sector. By integrating the Verado assets, the company is poised for significant production growth and strengthened market position, reinforcing its commitment to strategic development and long-term prosperity in the energy landscape.