Franklin Mountain Energy, a newly formed affiliate of Franklin Mountain Capital, in September announced its acquisition of approximately 8,321 acres of land in Lea and Eddy County, New Mexico, in two transactions.
In one of the transactions, a Pillsbury team advised Franklin Mountain in a definitive agreement with OneEnergy Partners Operating to acquire its existing operations and leasehold, totaling approximately 4,280 net acres in Lea and Eddy Counties. Approximately 77 percent of the acreage is operated, with a non-operated position in Eddy County. OneEnergy is a portfolio company of Carnelian Energy Capital, a Houston-based energy investment firm.
The OneEnergy acquisition is expected to close by the end of October. At that time, Franklin Mountain will assume control of all OneEnergy producing assets, which include four wells located in Lea County.
According to a statement from FME Chairman Paul Foster, the cash-funded acquisitions make the company the largest private contiguous acreage holder across two of Lea County’s geologically-rich townships and will help drive further prospects for joint ventures and midstream opportunities.
The Pillsbury team advising Franklin Mountain in the OneEnergy includes Projects partner Robert James, Energy partner Hugh Ray III and associate William Hotze, Corporate partner Patrick Devine and legal assistant Rory O’Neill.