DALLAS, TEXAS — January 13, 2020 — Peregrine Energy Partners has agreed to acquire producing oil and gas royalties across Orange and Los Angeles Counties, California from an undisclosed seller. The acquisition features production from 170 wells in the Brea-Olinda Oil Field, one of the largest historical oil fields in Southern California, operated by Bridge Energy.
“The Brea-Olinda is a legacy field that has produced for more than 130 years,” said Peregrine Managing Director C.J. Tibbs. “What we like about acquisitions like this one is the long, predictable decline curve that comes with mature reservoirs and a stable operator. Bridge Energy has been a reliable steward of these properties, and we expect this asset to continue generating steady cash flow for the foreseeable future.”
Brea-Olinda Oil Field, discovered in 1880 and brought into commercial production in 1898, is one of California's oldest producing fields. Cumulative production from the field has exceeded 415 million barrels of oil. Bridge Energy currently operates more than 800 wells across the field.
“Orange and LA Counties don't typically come up in conversations about active U.S. oil and gas plays, but they are home to some of the longest-producing wells in the country,” added Josh Prier, Peregrine Managing Director. “California regulatory environment notwithstanding, the underlying assets in this transaction are exactly the kind of long-life royalty cashflows we look for.”
About Peregrine Energy Partners — Peregrine Energy Partners is a private purchaser of oil and natural gas royalties with more than 50 years of combined experience. Since 2004, the company's founders have worked alongside hundreds of mineral owners in 30 states across millions of acres. With corporate headquarters in Dallas and an acquisition office in Denver, Peregrine provides value and optionality to royalty owners looking to maximize the value of their minerals.
For more information or to obtain a valuation, contact CJ Tibbs at (214) 329-1452 or cj@peregrinelp.com, or Josh Prier at (303) 256-6275 or josh@peregrinelp.com.