Cornerstone Acquires Cobra Petroleum Company, LP for $19 Million

On October 28, 2016, Cornerstone Acquisition & Management Company, LLC acquired Cobra Petroleum Company, LP for $19 million dollars. This acquisition came to us through a private negotiation that began in early September 2016 (when WTI was priced in the low $40’s) with an effective date of October 1, 2016.

 

Highlights of the portfolio include the following:

  • Mineral and/or royalty assets in 17 states and 317 Counties
  • 400+ Oil and Gas E&P Companies operating the assets (Hess, XTO, Denbury, Chesapeake, Newfield…)
  • Interests in 10,000+ individual wells
  • Excellent positioning in the Bakken, Marcellus, Mid-Continent and all throughout Texas
  • A nearly equal balance between oil and natural gas production
  • Upside potential through non-producing mineral acreage

 

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