Subject: TNM
Bowline Energy LLC Announces Acquisition Of Williston Basin Assets
DENVER, Aug. 11, 2021 /PRNewswire/ -- Bowline Energy LLC ("Bowline") is excited to announce the purchase of Nine Point Energy's Williston Basin assets. The purchase was effectuated through a Chapter 11 Section 363 process and was approved by the Bankruptcy Court and closed on August 9, 2021.
The Williston Basin remains one of the premier oil and gas basins in the United States and Bowline is excited by the prospects of growing its operations in this basin. The purchase of the Nine Point assets gives Bowline a strong production base and steady cash flows. Coupling these attributes with Bowline's sound balance sheet, the company expects to commence a development program, funded out of cash flows, and begin evaluating strategic M&A opportunities in the near future.
Bowline is also pleased to report that the company is in compliance with NDIC's gas capture goals for the months of June and July, 2021. In addition, Bowline anticipates that it will meet or exceed NDIC's 91% gas capture goal in August, 2021 and beyond. This provides Bowline with the flexibility to explore a myriad of long-term midstream solutions while providing a beneficial disposition of its gas. Bowline appreciates the support of its North Dakota field team for implementing our innovative gas capture solutions in a safe and expeditious manner.
About Bowline Energy LLC:
Bowline Energy is a private exploration and production company focused on value creation through the safe, efficient acquisition and development of oil and gas assets within the Williston Basin.
Investor Relations Contact:
Dan Taron
(720) 697-2111
[email protected]
Advisors to Bowline Energy:
Houlihan Lokey
Proskauer Rose, LLP
Advisors to Nine Point Energy:
AlixPartners
Jones Day
Latham & Watkins, LLP
Perella Weinberg Partners
Tudor, Pickering, Holt & Co.
SOURCE Bowline Energy LLC
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