History
Treadstone Energy Partners I has completed its course and is in the process of winding down.
Treadstone Energy Partners is a privately held company engaged in the acquisition and development of oil and natural gas reserves. Treadstone was founded in March 2011 as a Kayne Anderson Energy Funds portfolio company.
Initially focusing in East Texas, Treadstone I successfully transformed an old Glenrose gas field into a thriving new oil field. The Oil and Gas Investor awarded Treadstone the 2013 Excellence Award for Best Field Rejuvenation.
Fort Trinidad
Treadstone purchased the Fort Trinidad Glenrose field area in mid 2012, acquiring a few old gas wells producing 500 mcfd & 20 bopd and approximately 12,000 acres of HBP leasehold. Treadstone’s plan was to vertically develop the Buda, Georgetown and Edwards oil reservoirs using new completion technology & techniques.
Results that Matter
Several recompletions were performed during the second half of 2012 to test the new development concept. Initial results exceeded expectations, so a one rig drilling program was quickly initiated. Using cash flow and minimal debt, Treadstone successfully proved that new development was strongly economic, and ramped the drilling program to three rigs in early 2014.
Treadstone highlighted the Ft Trinidad asset and new development concept at winter NAPE 2014 (exhibit photos below) to share the story and success in the newly developing play. The development performance of the drilling and recompletions generated tremendous interest so a decision was made to market the asset. In July 2014, the daily oil production was exceeding 10,000 bopd and the asset was sold for $715mm.