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COVEY PARK ENERGY LLC ANNOUNCES PRICING OF PRIVATE OFFERING OF SENIOR UNSECURED NOTES

April 28, 2017 05:24 PM Eastern Daylight Time

DALLAS--(EON: Enhanced Online News)--Covey Park Energy LLC (“Covey Park” or the “Company”) priced its previously announced private offering of senior unsecured notes due in 2025 (the “Notes Offering”). The senior unsecured notes will bear interest at 7.50% per annum. Covey Park intends to use the net proceeds of the Notes Offering to repay all outstanding indebtedness under, and retire, its bridge term loan facility and to repay a portion of the outstanding borrowings under its revolving credit facility.

The closing of the Notes Offering, which is subject to customary conditions, is expected to occur on May 3, 2017. The senior unsecured notes offered by Covey Park will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The senior notes were offered only to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons outside the United States in compliance with Regulation S under the U.S. Securities Act.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Covey Park expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Covey Park based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Covey Park undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.

About Covey Park Energy LLC

Covey Park is an independent oil and gas exploration and production company headquartered in Dallas, Texas. The company is currently one of the largest acreage holders and producers in the Haynesville/Bossier shales. Covey Park was formed in June 2013 with an equity commitment from Denham Capital.

About Denham Capital

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives.

Contacts

Pierpont Communications for Covey Park Energy LLC
Mike Gehrig, 512-448-4950
mgehrig@piercom.com

COVEY PARK ANNOUNCES PROPOSED $450 MILLION PRIVATE OFFERING OF SENIOR UNSECURED NOTES DUE 2025

April 24, 2017 06:30 AM Eastern Daylight Time

DALLAS--Covey Park Energy LLC (“Covey Park”) and its wholly owned subsidiary, Covey Park Finance Corp., announced today that, subject to market and other conditions, they intend to offer for sale in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers $450 million in aggregate principal amount of senior unsecured notes due 2025 (the “Notes”).

Covey Park intends to use the net proceeds from the offering to repay in full and terminate its term loan facility and repay a portion of amounts outstanding under its revolving credit facility.

The Notes are being offered only to qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act and to certain persons outside of the United States pursuant to Regulation S under the Securities Act. The Notes to be offered have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy such Notes nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Covey Park Energy

Covey Park Energy is an independent oil and gas exploration and production company headquartered in Dallas, Texas. The company is currently one of the largest acreage holders and producers in the Haynesville/Bossier shales. Covey Park was formed in June 2013 with an equity commitment from Denham Capital.

About Denham Capital

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Covey Park’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Covey Park’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Covey Park does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Covey Park to predict all such factors.

Contacts

Pierpont Communications for Covey Park Energy LLC
Mike Gehrig, 512-448-4950
mgehrig@piercom.com

COVEY PARK ANNOUNCES CONFIDENTIAL SUBMISSION OF DRAFT REGISTRATION STATEMENT FOR PROPOSED INITIAL PUBLIC OFFERING.

April 24, 2017 07:00 AM Eastern Daylight Time

DALLAS- Covey Park Energy Holdings LLC (“Covey Park”) announced today that it has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to its proposed initial public offering. The size and the price range for the proposed offering have not yet been determined. The offering is expected to commence in 2017, subject to, among other things, completion of the SEC review process and market conditions. There is no assurance that the initial public offering will be consummated.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

Contacts

Pierpont Communications for Covey Park Energy LLC
Mike Gehrig, 512-448-4950
mgehrig@piercom.com

COVEY PARK ANNOUNCES ACQUISITION OF ADDITIONAL HAYNESVILLE ASSETS FROM CHESAPEAKE ENERGY
FOR $465 MILLION

Dallas, February 15, 2017 – Covey Park Energy LLC  (“Covey Park”), a Dallas, Texas-based independent oil and gas exploration and production company, announced today the closing of the acquisition of additional assets located in the Haynesville shale area of North Louisiana from Chesapeake Exploration, LLC and related companies (“Chesapeake”) for $465 million.

Covey Park funded a portion of the Chesapeake acquisition with additional equity investments from its existing investor Denham Capital, as well as incremental debt commitments from its core lender group. To fund the balance of the acquisition and to support growth initiatives, Covey Park issued preferred equity to Magnetar Capital, KKR (through the Energy Income & Growth Fund) and Triangle Peak Partners.  Wells Fargo acted as financial advisor to Covey Park.

About Covey Park Energy

Covey Park Energy is an independent oil and gas exploration and production company headquartered in Dallas, Texas. The company is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex region and is currently one of the largest acreage holders and producers in the Haynesville/Bossier shales.  Covey Park was formed in June 2013 with an equity commitment from Denham Capital. For more information about the company, visit www.coveypark.com.

About Denham Capital

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

 

Covey Park Announces Acquisition of Additional Haynesville and Bossier Assets

Dallas, November 2, 2016 – Affiliates of Covey Park Energy LLC, a Dallas, Texas-based independent oil and gas exploration and production company, (“Covey Park”), announced today the acquisition of additional assets located in the Haynesville/Bossier shale areas of East Texas and North Louisiana.

The assets are located primarily in Panola, Nacogdoches and San Augustine counties in Texas, and DeSoto, Bossier, and Sabine Parishes in Louisiana, and consist of approximately 139,000 gross and 90,000 net acres with average net production of 35 mmcf/day.

As one of the largest acreage holders and producers in the Haynesville/Bossier shales, Covey Park now owns approximately 321,000 gross and 218,000 net acres of leasehold in Texas and Louisiana, with daily net production of approximately 325mmcf/day expected for 4Q2016, and total proved reserves in excess of 2.5 TCF.

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About Covey Park Energy

Covey Park Energy is an independent oil and gas exploration and production company headquartered in Dallas, Texas. The company is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex region. Covey Park was formed in June 2013 with an equity commitment from Denham Capital. For more information about the company, visit www.coveypark.com.

 

About Denham Capital

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

Covey Park Announces Acquisition of Additional Haynesville and Bossier Assets

Dallas, November 2, 2016 – Affiliates of Covey Park Energy LLC, a Dallas, Texas-based independent oil and gas exploration and production company, (“Covey Park”), announced today the acquisition of additional assets located in the Haynesville/Bossier shale areas of East Texas and North Louisiana.

The assets are located primarily in Panola, Nacogdoches and San Augustine counties in Texas, and DeSoto, Bossier, and Sabine Parishes in Louisiana, and consist of approximately 139,000 gross and 90,000 net acres with average net production of 35 mmcf/day.

As one of the largest acreage holders and producers in the Haynesville/Bossier shales, Covey Park now owns approximately 321,000 gross and 218,000 net acres of leasehold in Texas and Louisiana, with daily net production of approximately 325mmcf/day expected for 4Q2016, and total proved reserves in excess of 2.5 TCF.

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About Covey Park Energy

Covey Park Energy is an independent oil and gas exploration and production company headquartered in Dallas, Texas. The company is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex region. Covey Park was formed in June 2013 with an equity commitment from Denham Capital. For more information about the company, visit www.coveypark.com.

 

About Denham Capital

Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

Covey Park Energy to Pursue Ark-La-Tex, Permian and Mid-Continent Opportunities Following Commitment from Denham Capital

04/01/14

Dallas – (April 1, 2014) – Covey Park Energy (CPE) announced today that it has secured an equity commitment from energy and resources-focused global private equity firm Denham Capital. The newly-formed, Dallas-based exploration and production company is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex, Permian and Mid-Continent regions.

 CPE is managed by Co-Chief Executive Officers John D. Jacobi and Alan Levande. Jacobi is an accomplished oil and gas entrepreneur who has worked in the Ark-La-Tex regions for more than 20 years and served on the boards of three exploration and production ventures previously. Levande has enjoyed entrepreneurial success in private equity and worked for a decade with Goldman Sachs as Managing Director of Investment Banking in the company’s Natural Resources Group.

 Together they will lead a 12-person team which has collectively completed more than $10 billion worth of acquisitions and divestures. The duo will drive efforts to add value to acquisitions through low-risk development opportunities, optimized operations and ongoing technological advances. CPE will evaluate transactions ranging from $20 million to $2 billion, and will also consider other attractive onshore opportunities throughout the continental U.S.

 

About Covey Park Energy

Covey Park Energy (CPE) is a private oil and gas exploration and production company headquartered in Dallas, Texas. CPE is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex, Permian and Mid-Continent regions. For more information about CPE, visit www.coveypark.com.

 

About Denham Capital

Denham Capital is a leading energy and resources-focused global private equity firm. With over $7.9 billion of invested and committed capital, Denham makes direct investments in the energy and resources sectors, including businesses involving oil and gas, metals and minerals, and power and renewables. With offices in Boston, Houston, London, São Paulo and Perth, Denham invests across the globe. Denham invests across all stages of the corporate lifecycle, from exploration and development projects to mature, operating businesses, and all segments of the capital structure. For more information about Denham Capital, visit www.denhamcapital.com.

Covey Park Announces Acquisition of Haynesville and Bossier Assets

Dallas, March 23, 2016 – Covey Park Gas LLC, a subsidiary of Dallas, Texas-based independent oil and gas exploration and production company Covey Park Energy LLC (“Covey Park”), announced it has entered into a Purchase and Sale Agreement with subsidiaries of EP Energy Corporation (“EP Energy”) to purchase all of EP Energy’s assets located in the Haynesville and Bossier shales. The total consideration to be paid is $420,000,000, subject to customary adjustments for this type of transaction. The transaction is expected to close in the second quarter of 2016, subject to certain customary closing conditions.

The assets, primarily located in Louisiana’s DeSoto and Bossier Parishes, consist of approximately 52,933 gross 34,167 net acres with Q4 2015 average production of 113 mmcf/d.

Pro forma for the acquisition, Covey Park will own approximately 196,000 gross (137,000 net) acres of leasehold in Texas and Louisiana. Daily net production will increase to approximately 200mmcf/day. Total proved reserves will be approximately 2 TCF.

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About Covey Park Energy

Covey Park Energy is an independent oil and gas exploration and production company headquartered in Dallas, Texas. The company is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex and Mid-Continent regions. Covey Park was formed in June 2013 with an equity commitment from Denham Capital. For more information about the company, visit www.coveypark.com.

 

About Denham Capital

Denham Capital is a leading energy and resources-focused global private equity firm with more than $8.4billion of invested and committed capital across eight fund vehicles and offices in Houston, London, Boston, São Paulo and Perth. The firm makes direct investments in the energy and resources sectors, including businesses involving oil and gas, power generation and mining, across the globe and all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.

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