TRC

Natural Gas Asset Acquisition

TRC provided time-constrained buy-side due diligence and post-closing support for a portfolio of >400 sites in support of a $1.8B oil and gas acquisition.

Industries

Client

Global Private Equity Firm

Project Location

Wyoming

A global private investment firm (Client) was participating in a competitive bid process pursuing the acquisition of the Jonah Natural Gas Field Assets located in the Wyoming Green River Basin (consisting of over 1,500 wells and ancillary production operations facilities). Client needed diligence that expressly evaluated potential environmentally-related production constraints including: pending Federal and State NEPA/EIS determinations specific to the Greater Sage Grouse habitats; and State non-attainment Air Emissions compliance. Based on the potential for localized constraints, Client requested site inspections for over 400 key sites, including both comprehensive environmental due diligence and liability assessment. All work had to meet the bid schedule and be completed within 30 days for Sale Closing.

TRC assembled a due diligence team of subject-matter experts (Air/Water/Waste/Remediation/Compliance/NEPA/EIS) to thoroughly evaluate the asset locations and assess the potential risks.

The TRC field inspection team, consisting of 8 site inspectors equipped with iPads and proprietary data collection tools, implemented an asset-wide inspection program, and cataloged over 400 sites. With this system, the work was completed within a single week.

The deal successfully closed. Buyer was able to timely evaluate and successfully complete the $1.8 Billion acquisition within the original 30 day contract period.

Client had the data necessary to beneficially negotiate the transaction. TRC assisted in the transaction closing by providing the client with specific, prescriptive permit transfer requirements and guidance.

Client had tools and information to quickly integrate the new assets. TRC developed and provided client with an interactive Asset GeoDatabase of site GPS mapped locations, with over 1,800 site photos, equipment inventories and regulatory permit registration listings.

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