Houlihan Lokey Advises Clear Fork

Houlihan Lokey is pleased to announce the sale of oil and gas and associated water handling and recycling assets of Eagle Permian Partners, LLC, and Clear Fork, Inc. (collectively, “Clear Fork”), companies with assets in the Eastern Shelf of the Permian Basin sponsored by Energy Trust Partners, LP, to Legacy Star Capital Partners (Legacy Star). Legacy Star acquired Clear Fork’s oil and gas asset (the “Hermleigh Asset”) through a newly launched platform company, Peak 10 Hermleigh, LP (Peak 10). Peak 10 acquired 100% of the Hermleigh Asset and will operate the asset jointly with Browning Oil Company Inc. This transaction closed on August 25, 2023.

Clear Fork is an energy company with headquarters in Abilene, Texas. Clear Fork’s strategy is focused on the acquisition, exploration, and development of oil and natural gas properties in the Eastern Shelf of the Permian Basin of West Texas.

Austin-based Legacy Star is a generalist, family-office aggregated private equity firm focused on private debt and equity investment opportunities in the energy, real estate, infrastructure, manufacturing, specialty finance, and technology sectors. Having been formed by Legacy Star to acquire the Hermleigh Asset, Peak 10 has further expanded its asset base, consisting of nonoperated oil and gas properties in Reeves, Fisher, Scurry, Gaines, Dawson, and Andrews Counties, including more than 100 wells and a multi-year drilling program of Tier 1 undeveloped opportunities.

Houlihan Lokey acted as the exclusive financial advisor to Clear Fork for all aspects of this transaction.