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DENVER, COLORADO – October 2, 2024 – Nickel Road Operating LLC (“Nickel Road”) today announced the completion of the company’s previously-announced sale of its Denver-Julesberg (“DJ”) Basin assets to Prairie Operating Co., LLC (“Prairie”) for $84.5 million. The full divestiture of assets, located in Weld County, Colorado, included 5,592 net leasehold acres, 26 operated producing horizontal wells, and 89 operated well permits. 

“We are pleased to have closed the divestment of our remaining assets and the strong overall returns provided to our partners through multiple asset sales as well as the distribution of free cash flow over the past three years,” said Andrew Haney, Co-President of Nickel Road. “We appreciate the valuable partnership since inception with Vortus Investments as we patiently grew the asset base through opportunistic grassroots leasing and successful operational development.”

Based in Denver, Colorado, Nickel Road is focused on acquiring, leasing, and developing oil and natural gas assets in the Wattenberg Field. The company is supported by an equity commitment from Vortus Investment Advisors, LLC of Fort Worth, Texas. 

Buchalter served as legal counsel to Nickel Road.

About Nickel Road Operating

Nickel Road Operating LLC is a Denver-based oil and gas acquisition and development company. Nickel Road was formed in July 2017 by Andrew Haney and Kit Tincher with a capital investment from private investors. The company partnered with Vortus Investment Advisors to grow and develop the position. Nickel Road is currently led by Andrew Haney, Dana Johnson and Kit Tincher. For additional information please visit www.nickelroadoperating.com.

About Vortus Investment Advisors, LLC

Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower to middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit www.vortus.com. 

DENVER, Jan. 11, 2024 /PRNewswire/ -- Nickel Road Operating LLC ("Nickel Road") today announced that it has entered into a definitive agreement ("Agreement") with Prairie Operating Co. and Prairie Operating Co., LLC ("Prairie"), to strategically divest its assets in the Denver-Julesberg ("DJ") Basin. The assets are located in Weld County and include 5,526 net leasehold acres; 26 operated producing horizontal wells; and 90 operated well permits.

"We are pleased to enter into this Agreement with Prairie. Nickel Road's operated position in the Northern Oil Rim of the Wattenberg Field is an attractive growth platform with the second largest approved permit inventory issued in the DJ Basin. While remaining focused on responsible development for all of our stakeholders in Weld County, these assets have delivered top tier results through optimization of well spacing and enhanced completion designs," said Andrew Haney, Co-President of Nickel Road. 

Nickel Road Co-President, Dana Johnson added, "Nickel Road has excelled at operational execution in the oil-rich Northern Wattenberg Field, demonstrating best-in-class drilling times, strong netbacks, and an efficient return of capital profile. We look forward to successfully completing this transaction."

Based in Denver, Colorado, Nickel Road is focused on acquiring, leasing, and developing oil and natural gas assets in the Wattenberg Field. The company is supported by an equity commitment from Vortus Investment Advisors, LLC of Fort Worth, Texas.

Buchalter is advising Nickel Road on this transaction.

About Nickel Road Operating

Nickel Road Operating LLC is a Denver-based oil and gas acquisition and development company. Nickel Road was formed in July 2017 by Andrew Haney and Kit Tincher with a capital investment from private investors. The company partnered with Vortus Investment Advisors to grow and develop the position. Nickel Road is currently led by Andrew Haney, Dana Johnson and Kit Tincher. For additional information please visit www.nickelroadoperating.com.

About Vortus Investment Advisors, LLC

Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower to middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit www.vortus.com.

DENVER, July 28, 2022 /PRNewswire/ -- Nickel Road Operating LLC ("Nickel Road") today announced that it has strategically divested a portion of its assets in the Denver-Julesberg ("DJ") Basin to Bayswater Exploration and Production, LLC ("Bayswater"). The assets are positioned next to Bayswater's existing holdings in Weld County and included 2,752 net leasehold acres; 161 mineral acres; 17 producing wells (5 operated, 12 non-operated); working interests in 18 DUCs; and 68 operated well permits.

After this divestiture, Nickel Road will retain the majority of its production and operated drilling and spacing units in the Wattenberg Field, as well as 100 approved permits for extended reach horizontal wells.

"We are pleased with the completion of this transaction," said Andrew Haney, Co-President of Nickel Road. 

"We are also excited about our 2022 development program and the fairway of opportunities that we have in front of us."

Nickel Road Co-President, Dana Johnson added, "The remainder of our assets are located in the oil-rich Northern Wattenberg Field where there is a concentration of current development activity. Nickel Road has excelled at operational execution in the DJ Basin, and we remain focused on responsible development for all of our stakeholders in Weld County."

Based in Denver, Colorado, Nickel Road is focused on acquiring, leasing, and developing oil and natural gas assets in the Wattenberg Field. The company is supported by an equity commitment from Vortus Investment Advisors, LLC of Fort Worth, Texas.

Nickel Road was advised by Evercore, Shearman & Sterling and Dickie McCamey.

About Nickel Road Operating

Nickel Road Operating LLC is a Denver-based oil and gas acquisition and development company.  Nickel Road was formed in July 2017 by Andrew Haney and Kit Tincher with a capital investment from private investors.  The company partnered with Vortus Investment Advisors to grow and develop the position.  Nickel Road is currently led by Andrew Haney, Dana Johnson and Kit Tincher. For additional information please visit www.nickelroadoperating.com.

About Vortus Investment Advisors, LLC

Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower to middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit www.vortus.com.

DENVER, COLORADO – Nickel Road Operating LLC (“Nickel Road”) of Denver, Colorado announces it has partnered with private equity firm Vortus Investment Advisors, LLC of Fort Worth, Texas.  The partnership will focus on further acquiring, leasing, and developing oil and natural gas assets in the Denver-Julesburg (DJ) Basin.

Nickel Road was recently formed by Andrew Haney and Kit Tincher following an acreage contribution by Cobalt Oil & Gas, LLC (“Cobalt”) and Prelude Petroleum, LLC (“Prelude”). Cobalt and Prelude have been active in the DJ Basin since 2014 under the leadership of Jackie Haney and Ahna Mee.  The company will continue to capture accretive opportunities in the basin for additional development.

Jeffrey Miller and Brian Crumley, the Managing Partners at Vortus commented, “We are excited to have partnered with Nickel Road in building and developing this tremendous asset base in one of the high-return areas of the country. Nickel Road has built an impressive team with a successful track record operating in the DJ Basin. We are excited about the future for this partnership and to begin development of this low-cost asset that offers attractive returns in today’s environment.”

The Nickel Road team has finalized its 2018 development plan, with an expectation of commencing drilling and completion operations by mid-year.  Nickel Road has made recent additions to their management team.  Dana Johnson brings a wealth of operational and leadership experience in the Rockies region to a seasoned management team that has collectively drilled and completed over 100 horizontal wells in the Niobrara and Codell.  Combining a top-tier operating team with a proven asset base, Nickel Road is well positioned to deliver significant value and production growth in the near term.

Andrew Haney and Dana Johnson, Co-Presidents of Nickel Road, stated, “Nickel Road is very excited to partner with Vortus and to create a significant position in the DJ Basin.  As proven operators in the State of Colorado, we plan to employ our expertise to maximize asset value leveraging our culture of safety, continuous improvement, and responsible development.”  

Nickel Road was advised by Jack Luellen from Dickie McCamey. 

Vortus was advised by Stephen Szalkowski, Jeff Munoz, Lauren Anderson and Alice Parker from Latham & Watkins LLP.

About Nickel Road Operating

Nickel Road Operating LLC is a Denver-based oil and gas acquisition and development company focused in the DJ Basin. Nickel Road is led by Andrew Haney (Co-President), Dana Johnson (Co-President), and Kit Tincher (Executive Vice President - Development & Geology).  Jackie Haney and Ahna Mee provide strategic advisory services to Nickel Road and serve on the Management Committee.

For additional information please visit www.nickelroadoperating.com.

About Vortus Investments

Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower to middle market upstream energy industry in North America.  Vortus’ asset-based investment strategy provides acquisition and development capital in partnership with successful owner/operators in the North American onshore upstream industry.   Vortus targets privately negotiated transactions in the lower to middle market requiring approximately $25 million to $75 million of equity capital. 

For additional information: www.vortus.com.