Point Energy Partners II (“Point Energy”) has announced the successful completion of its $1.1 billion all-cash sale of assets to Vital Energy, Inc. (NYSE: VTLE) and Northern Oil and Gas, Inc. (NYSE: NOG). Point Energy is a portfolio company of Vortus Investment Advisors.
This transaction marks a significant milestone in Point Energy’s operational journey, showcasing remarkable growth from an initial production of 300 net barrels of oil equivalent per day (boepd) to over 40,000 net boepd over six years. This achievement highlights Point Energy’s commitment to innovation and excellence in the oil and gas industry.
Bryan Moody, CEO of Point Energy Partners, stated, “This incredible achievement would not have been possible without our remarkable staff and team members. Their dedication and expertise have been instrumental in driving our growth and innovation. We look forward to watching Vital and NOG build upon the success achieved with these assets.”
Since its initial acquisition, Point Energy has focused on optimizing its asset development, employing 15,000-foot laterals and leading completion designs to enhance the efficiency and productivity of its Delaware Basin resources. The company advanced the development of the 1st Bone Spring and Wolfcamp C targets, setting industry benchmarks for future exploration and production.
Additionally, Point Energy strategically developed midstream and mineral assets to enhance the capital efficiency of its operations. This proactive approach has allowed the company to optimize resource management and increase overall asset value.
John Sabia, Senior Partner of Point Energy Partners, emphasized the importance of support from financial partners at Vortus Investment Advisors and banking partners, stating, “Their backing was integral to our ability to navigate multiple commodity price cycles, culminating in a very positive exit for all parties.”
Vortus Co-Founders and Managing Partners Brian Crumley and Jeffrey Miller highlighted the leadership of Bryan Moody and John Sabia in creating a scalable operation, noting their U.S. military backgrounds as a key element of their success. They remarked, “We are proud to be partners with Point Energy on this and other investments for the benefit of Vortus and its partners.”
