ORIX Energy Capital provided $30 million in senior secured debt financing to Campbell Development Group LLC for the acquisition of the Illinois Basin long-life mature oil-producing assets from Rex Energy. The assets include approximately 76,000 net acres in Illinois, Indiana and Kentucky, and are currently producing approximately 1,700 net barrels per day.
“Campbell has exhibited strong historical performance in the Illinois Basin and currently operates assets in the vicinity,” said Josh Mayfield, Head of ORIX Energy Capital. “Their knowledge and expertise, combined with their experienced leadership team, gives us confidence that they are the right operator for the asset.”
Founded in 2008 as an independent oil and gas operating company, Campbell Energy—a division of Campbell Development Group—is one of the largest oil producers in the Illinois Basin, while Campbell Enterprises of Illinois is the largest well service company in the Illinois Basin. Campbell Energy and affiliates have serviced over 1,000 wells in the Illinois Basin.
“ORIX Energy Capital brought the expertise and deep industry relationships that allowed us to move quickly,” said Jakob Campbell, President for Campbell Energy. “We were able to close the deal in four weeks. The team at ORIX Energy Capital displayed a creative approach, long-term focus and flexibility that were the key drivers in us selecting them.”
Campbell Development Group was advised exclusively by KLR Group LLC.