Krewe Energy LLC, a private oil and gas company based in Covington, has completed the acquisition of the Pine Prairie Field in Evangeline Parish through a partnership with its financial sponsors, Coral Reef Capital and Sage Road Capital.
The acquisition price was not disclosed.
Pine Prairie triples Krewe Energy's production, adding 155 wells and 2,685 acres producing the equivalent of roughly 1,250 barrels of oil per day. Krewe now holds leases on more than 19,000 acres and 475 wells.
The Pine Prairie Field was originally discovered in 1912. Production has been established from reservoirs between the depths of 1,000 to 13,000 feet. Field development activity increased recently with the use of advanced drilling and well completion technologies.
Coral Reef Capital is a New York-based private investment firm that focuses on the natural resources sector. Sage Road Capital is a Houston-based private equity investor in the upstream oil and gas sector.