Ex-Parsley Energy CEO Bryan Sheffield’s fund buys Texas panhandle assets – Reuters

Ex-Parsley Energy CEO Bryan Sheffield’s fund buys Texas panhandle assets – Reuters

July 30 (Reuters) - Former Parsley Energy Inc Chief Executive Officer Bryan Sheffield said his new fund Formentera Partners bought oil wells in the Texas panhandle for about $121 million, marking the private equity income fund's first ever purchase.

The assets, which span nearly 11,000 acres, have a production of 30 million cubic feet equivalent per day from about 200 wells, said Sheffield, who founded Formentera with two others in 2020 after Parsley was acquired by Pioneer Natural Resources. He declined to name the seller, citing confidentiality agreements.

A source familiar with the matter said the assets acquired by Formentera were Oklahoma-based privately held Tapstone Energy's Stiles Ranch assets. The source declined to be named as the talks were confidential.