Reuters reported July 30 that Bryan Sheffield’s new fund Formentera Partners made its first purchase. The private equity income fund bought oil wells in Texas panhandle for about $121 million from an undisclosed seller. The assets span about 11,000 acres with production of 30 million cubic feet equivalent per day from about 200 wells. Sheffield, former CEO of Parsley Energy, founded Formentera in 2020 with two others after Parsley was acquired by Pioneer Natural Resources. An unidentified source told Reuters the assets came from Oklahoma-based, privately-held Tapstone Energy’s Stiles Ranch.
Sheffield said he expects Formentera to complete two or three more deals between $75 million and $175 million within six months and a fourth in early 2022.