Houlihan Lokey Advises E&B

Transaction: E&B Natural Resources has divested its Wyoming assets

Houlihan Lokey is pleased to announce the sale of oil and gas assets of E&B Natural Resources Management Corporation (E&B) located in Wyoming. Houlihan Lokey served as the exclusive financial advisor to E&B. This transaction closed on April 22, 2024.

E&B is an independent energy company with headquarters in Bakersfield, California. E&B’s strategy is focused on the acquisition, exploration, and development of oil and natural gas properties in California, Wyoming, and Louisiana.

The E&B Wyoming assets are in a conventional, low-decline, fully operated position within the Minnelusa fields of the Powder River Basin with upside via undeveloped locations in the area. The oil-weighted (100%) production base is approximately 545 BOE/D across more than 90 wells as of March 1, 2024, and is surrounded by highly active Minnelusa and Turner formation development.

The transaction attributes significant value to E&B’s Wyoming properties, with an implied valuation of approximately 3.1x NTM cash flow. Robust interest from a broad range of high-quality buyers (including a new basin entrant) and offset operators illustrates the breadth of Houlihan Lokey’s relationships within the upstream A&D universe.

Houlihan Lokey acted as the exclusive financial advisor to E&B for all aspects of this transaction.

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