Treadstone Energy Partners II, LLC (Treadstone II or the company), an exploration and production company currently operating in East Texas, announced today the results of the companys Austin Chalk wells in Milam County, Texas. Treadstone II drilled and completed the companys first Austin Chalk well in July 2017 (Ely 2-3HA), with an IP24 rate of 880 boepd (91% oil) and first year cumulative production of 140 mboe. Subsequent wells drilled in 2018 have outperformed the Ely 2-3HA, said Frank McCorkle, Chief Executive Officer of Treadstone II. The Holden Moore 3HA, completed in August 2018, had an IP24 rate of 2,800 boepd (91% oil) and 120-day cumulative production of 280 mboe.
We are very pleased and excited with the performance of our initial Austin Chalk wells. We are continuing to evolve our drilling and completions practices to increase value and return on investment. While the Austin Chalk has been our primary focus to date, the Eagle Ford and Buda formations hold significant value over our acreage position, said Frank McCorkle. With recent success, Treadstone II picked up a second rig in December 2018 to increase development pace. The companys first Eagle Ford well (Remi Rose 1HE) reached TD (total depth) in December and is expected to be on production in late January 2019.
ABOUT TREADSTONE II
Headquartered in Houston, Texas, Treadstone II is a private exploration and production company formed to pursue acquisition opportunities with scalable exploitation and development upside. Treadstone II was formed with a $100 million equity commitment from Kayne Anderson Energy Fund VI, L.P. and members of the management team.
ABOUT KAYNE ANDERSON
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Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy and infrastructure, specialized real estate, growth equity and both private credit and diversified liquid credit. Kayne Andersons investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. Kayne manages $29 billion in assets (as of 9/30/2018) for institutional investors, family offices, high net worth and retail clients and employs more than 350 professionals in eight offices across the United States.
Through Kayne Anderson Energy Funds (KAEF), Kayne Anderson has raised over $7.3 billion of committed capital dedicated to energy private equity investments in primarily upstream and midstream oil and gas companies. Currently, KAEF has approximately 25 active portfolio companies focused on upstream and midstream oil and gas assets across North America.
Kayne Anderson is headquartered in Los Angeles with offices in Houston, New York City, Chicago, Denver, Dallas, Atlanta and Boca Raton.