DENVER, CO--(Marketwired - January 03, 2017) - Sentinel Peak Resources ("SPR" or the "Company"), a private energy company, announced that it has closed the acquisition of the onshore California assets of the oil and gas subsidiary of Freeport-McMoRan Inc. (NYSE: FCX) under the previously announced purchase and sale agreement.
The properties are operated by Sentinel Peak Resources California LLC and currently produce approximately 28,000 barrels of oil equivalent per day. With this acquisition, SPR has become the fourth largest onshore oil producer in the State of California.
SPR was formed in 2016 by Quantum Energy Partners ("Quantum") and Michael Duginski, a seasoned California oil and gas executive. Duginski is joined by George Ciotti, as CFO, Tim Crawford, as COO, and George Paspalof, VP Operations LA Basin. The Company has grown to over 250 employees by building an operating team of top California industry technical and commercial talent, including experienced former FCX California employees.
Duginski said, "This transaction provides the foundation to build a world-class, California-focused oil and gas company, and we look forwarding to working with the various stakeholders in California in a safe, reliable and environmentally sensitive manner. Through our team's due diligence, we have identified a number of development projects across the asset base that are attractive in the current price environment, and plan to begin investing in those projects in 2017. The Company plans to pursue additional asset acquisitions as well as certain real estate monetizations. We appreciate Quantum's experience, relationships and backing in helping us secure this deal."
About Sentinel Peak Resources
Sentinel Peak Resources is a Denver-based company, with offices now in both Bakersfield and Los Angeles, California. SPR is focused on the acquisition, development, and exploration of oil and gas assets, primarily focusing on oil development in California. SPR is led by a team of seasoned industry professionals who have spent a majority of their careers in California.
About Quantum Energy Partners
Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $11 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.