Rio Grande E&P, LLC announced the completion of the sale of all its oil and gas assets for an undisclosed amount.
Oil pump
Rio Grande was founded in 2018 by Glenn Hart, the former CEO of Michael Petroleum Corporation and Laredo Energy. Rio Grande’s financial sponsor is Intrepid Investment Management, LLC, the investing arm of Intrepid Financial Partners, the energy-focused merchant bank.
Since its founding, Rio Grande has assembled a portfolio of oil and gas assets in South Texas primarily in Webb and Zapata Counties. In addition to its position of mature producing conventional assets, Rio Grande also has a premier position of unconventional assets in the core dry gas window of the Lower Eagle Ford, on which it has drilled Eagle Ford and Austin Chalk wells.
Rio Grande sold its conventional and unconventional assets to two separate undisclosed buyers.
“This was a fantastic outcome for Rio Grande, and I want to thank all of our employees for their dedication and hard work," said Glenn Hart, president and CEO of Rio Grande. "I also want to thank Intrepid, Gold Sky Gas, Jeb Bush and our other partners for their support through one of the most turbulent periods for the energy industry. It is through the collective efforts of our entire team that we were able to achieve such an outstanding result."
“We are incredibly proud to have supported Rio Grande from their first asset acquisition to the success it is today," said Mike France, head of investment management at Intrepid. "Over the last five years, the team has done an incredible job assembling a premier position and drilling some of the most productive wells in South Texas."
“We want to congratulate Glenn, Jerry, Brian, Michael, Will and the entire Rio Grande team for a tremendous outcome,” said Neil Chen, managing director at Intrepid. “Our collective success is due to the expertise and tireless work of the Rio Grande Team.”
