Category Archives: News

CrownRock Announces Pricing of Private Offering of Additional Senior Notes Due 2025

MIDLAND, Texas, May 17, 2018 /PRNewswire/ — CrownRock, L.P. (“CrownRock”), an oil and gas producing joint venture of CrownQuest Operating and Lime Rock Partners, today announced the pricing of its private offering of $185 million aggregate principal amount of 5.625% senior notes due 2025 (the “new notes”) at an issue price of 98.260% of par. The new notes are being offered as additional notes to the existing $1 billion aggregate principal amount of 5.625% senior notes due 2025 that were issued in October 2017, all of which remain outstanding (the “existing notes”). The new notes will have identical terms, other than the issue date and issue price, and will constitute part of the same class as the existing notes. CrownRock intends to use the proceeds from the offering for general partnership purposes, including the funding of a portion of its capital development plan. The offering is expected to close on May 22, 2018, subject to the satisfaction of customary closing conditions.

The new notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws; and unless so registered, the new notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The new notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons under Regulation S under the Securities Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy the new notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the new notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

CrownRock Announces Private Offering of Additional Senior Notes Due 2025

MIDLAND, Texas, May 17, 2018 /PRNewswire/ — CrownRock, L.P. (“CrownRock”), an oil and gas producing joint venture of CrownQuest Operating and Lime Rock Partners, today announced the commencement of a private offering, subject to market and other conditions, of $150 million principal amount of 5.625% senior notes due 2025 (the “new notes”). The new notes are being offered as additional notes to the existing $1 billion aggregate principal amount of 5.625% senior notes due 2025 that were issued in October 2017, all of which remain outstanding (the “existing notes”). The new notes will have identical terms, other than the issue date and issue price, and will constitute part of the same class as the existing notes. CrownRock intends to use the proceeds of the proposed offering for general partnership purposes, including the funding of a portion of CrownRock’s capital development plan.

The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws; and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The new notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A under the Securities Act and non-U.S. persons under Regulation S under the Securities Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy the new notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the new notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

CrownRock Holdings, L.P. Announces Perpetual Preferred Equity Investment

PRESS RELEASE

MIDLAND, TX—January 4, 2018 /PRNewswire/—CrownRock Holdings, L.P. (“CrownRock”), an oil and gas producing joint venture of CrownQuest Operating and Lime Rock Partners, announced today that CrownRock has closed a $475 million perpetual preferred equity investment from funds managed by Magnetar Capital (“Magnetar”) and EIG Global Energy Partners (“EIG”), respectively.

CrownRock is a newly-formed holding company that wholly owns CrownRock, L.P., through which it conducts all of its oil and gas operations. The formation of CrownRock as a holding company resulted in the same ownership and voting structures in CrownRock that existed in CrownRock, L.P. immediately before the formation of the holding company.

Tim Dunn, CEO of CrownQuest Operating, commented, “We are pleased to welcome Magnetar and EIG as equity investors in CrownRock. Their investment will help support both Lime Rock and CrownQuest’s longer-term growth objectives for CrownRock.”
Jefferies LLC acted as lead financial advisor and Credit Suisse acted as financial advisor to CrownRock and Lime Rock in connection with the transaction. Vinson & Elkins L.L.P. acted as legal counsel to CrownRock, and Weil, Gotshal & Manges LLP acted as legal counsel to Magnetar and EIG.
The securities offered in this private placement have not been registered under the Securities Act of 1933 (the “Securities Act”) or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein.

About CrownRock
CrownRock is an independent oil and natural gas company headquartered in Midland, Texas engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s assets are located in Texas, New Mexico and Utah, and its operations are primarily focused on the development of its core Permian Basin assets.

About Magnetar
Founded in 2005, Magnetar is a leading alternative asset manager with assets under management of $14.0 billion as of December 1, 2017. For more than 10 years, Magnetar’s team has actively invested in the North American energy markets. The firm is headquartered in Evanston, Illinois, and operates satellite offices in Houston, New York, London and Minneapolis.

About EIG
EIG Global Energy Partners specializes in private investments in energy and energy-related infrastructure on a global basis and has $17.0 billion under management as of September 30, 2017. Since 1982, EIG has been one of the leading providers of institutional capital to the global energy industry, providing financing solutions across the balance sheet for companies and projects in the oil and gas, midstream, infrastructure, power and renewables sectors globally. EIG has invested over $24 billion in more than 320 portfolio investments in 36 countries. EIG is headquartered in Washington, D.C., with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For more information, please visit www.eigpartners.com.

Cautionary Statement Regarding Forward-Looking Information
Any statements contained in this press release that are not historical facts (including without limitation statements to the effect that CrownRock “believes,” “expects,” “anticipates,” “plans,” “intends,” “foresees” or other similar expressions) are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond CrownRock’s control, and based on its expectations, which reflect estimates and assumptions made by CrownRock’s management. Although CrownRock believes such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond CrownRock’s control. In addition, CrownRock’s management’s assumptions about future events may prove to be inaccurate. CrownRock’s management cautions all readers that any forward-looking statements contained in this press release are not guarantees of future performance, and CrownRock cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. CrownRock specifically disclaims all responsibility to publicly update any information contained in a forward-looking statement or any forward-looking statement except as required by law.

Source: CrownRock Holdings, L.P.

Curt F. Kamradt, CPA, CGMA
VP — Finance & Chief Accounting Officer
CrownQuest Operating, LLC
Direct Ph.: 432-818-0344
E-mail: ckamradt@crownquest.com