Ares Buys Texas Oil Field DeveloperTuesday, June 17, 2014
Century City private equity firm Ares Management has acquired oil and gas field developer BlackBrush Oil & Gas of San Antonio, Texas, the companies announced Tuesday.
BlackBush buys and develops oil and gas fields in south Texas, and currently operates on 160,000 acres of land in that area. Scott Martin will continue as BlackBush chief executive.
The sellers are Dallas private equity firm Tailwater Capital and EIG Management Co. of Washington, D.C. Terms of the deal were not disclosed. The deal is expected to close in the third quarter.
Ares shares closed down slightly Tuesday at $18.45 on the New York Stock Exchange.
Ares Chief Executive Antony Ressler is No. 42 on the Business Journal’s list of Wealthiest Angelenos.