(WO) – Pompano Resource Transformation, a wholly-owned subsidiary of XMC Strategies, has acquired a Gulf Coast oil asset, including 33 operated oil wells, from Paloma Natural Gas, LLC, which is owned in part by Houston-based private equity firm EnCap Investments.
Pompano is the acquisition arm of XMC Strategies and run by Catherine Flax. “At XMC Strategies, we believe in an approach we call Full Spectrum Energy Investment,” said Flax. “We acquire oil and gas assets, manage them through end of life, transform them into sustainable sources of new energy, and create environmental attributes.”
She added, “This purchase represents our first upstream oil and gas investment, and we will continue to be active in pursuing additional attractive investments that meet our return and operational criteria.”
On May 16, 2023, Zefiro Methane Corp., another XMC Strategies platform company which seeks to reduce methane emissions by plugging orphaned and abandoned oil and gas wells, while originating methane emission offsets, announced it has acquired a majority ownership stake in Plants & Goodwin, (“P&G”), a leading Pennsylvania-based provider of services to plug orphaned oil and gas wells over the past 50-plus years. This acquisition will position Zefiro to address the burden to communities posed by millions of non-productive wells left idle by oil and gas producers over recent decades.
Talal Debs, PhD., Founder and Managing Partner of XMC Strategies, said, “We are rapidly deploying a new kind of enterprise that integrates real, physical process innovation, financial risk management and new forms of capital, for example: the environmental credit markets. The recent acquisitions of Plants & Goodwin and Paloma’s Gulf Coast Oil assets are part of our aggressive strategy to develop a suite of capabilities specific to the growing needs and opportunity in the energy transition space.”
Source: www.worldoil.com
Author: World Oil Staff