Rhett Bennett forms Black Mountain Royalty LP, which continues to acquire direct ownership interests in producing oil and gas wells throughout the United States. Since its inception Black Mountain Royalty has acquired mineral and royalty interests in over 10,082 oil and gas wells covering 813,916 gross acres in 11 states, as shown below:
Rhett Bennett forms and Black Mountain Exploration LP and actively pursues emerging plays while entry cost was low and significant upside remained. Black Mountain Exploration LP leased ~200,000 gross acres across North American and closed transactions with both private and public companies, including Chesapeake Energy Corporation, EP Energy LLC (formerly El Paso Corporation), Hess Corporation, ZaZa Energy Corporation, GeoSouthern Resources, Forest Oil Corporation, Common Resources II, Joint Resources, and Quicksilver Resources, among others. General locations of transactions highlighted below:
Rhett Bennett identifies oilfield property and salt water disposal site permitting opportunities, forms Black Mountain Land and acquires the below SWD Locations, eventually selling both to third parties and Black Mountain Disposal LP for development and operations:
Rhett Bennett founded Black Mountain Disposal LP to build and operate saltwater disposal wells. Prior to its partial exit to NGL Energy Partners, Black Mountain Disposal operated the below locations:
Built out technical oil and gas and finance team to expand oil and gas acquisition effort
Founded Eclipse Midstream to build and operate water pipelines to Black Mountain disposal locations and other third party disposals
Sold five disposal wells in the Delaware Basin to NGL Energy Partners for $50 million
Received $150 million equity commitment from Natural Gas Partners for Black Mountain Oil and Gas
Eclipse Midstream contributed its Delaware basin assets and growth projects to “NGL Water Pipelines”, a newly formed midstream joint venture with NGL Energy Partners focused on the Delaware Basin.
Eclipse Midstream also received backing from Natural Gas Partners to continue growing its water midstream platform in the Midland Basin and evaluate expansion opportunities in the Mid-continent and Appalachia, among other regions.