KKR backs creation of Spur Energy Partners to target large US oil, gas assets

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Global private equity major KKR has backed the creation of Spur Energy Partners to target large, high-margin oil and gas production and development assets across the US.

The companies also announced the signing of a definitive agreement to acquire the Permian Northwest Shelf assets of Percussion Petroleum.

The acquisition includes interests in approximately 380 gross producing wells and 22,000 net acres.

That acquisition is expected to close in the second quarter of 2019, subject to customary closing conditions.

Dash Lane, managing director on KKR’s energy real assets team, said, “This acquisition is the first step in what we expect to be a multi-billion dollar investment partnership with Spur, which we believe is well-positioned to create significant value in today’s oil and gas market.”

KKR’s energy real assets strategy has invested about $4bn in capital across 12 transactions since 2015, and manages a portfolio of oil and gas assets in numerous unconventional and conventional resource areas across the US.

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