BCE pursues two complimentary investment strategies targeting opportunities in the lower middle-market upstream energy sector:

Platform Companies

When forming platform companies, we seek to partner with experienced management teams to acquire and exploit producing, cash-flowing assets. In collaborating with our management teams, we will provide buyout and committed growth capital alongside strategic guidance to drive value-creation. Our deep bench of advisors, all of whom have spent decades in the industry, boast a wealth of knowledge and industry connections to enhance our endeavors. Additionally, our strategic relationship with Intervale Capital will provide premier service offerings and insight on best practices from across the oilfield service industry to our operating partners. Other key elements of our approach:

  • Measured use of leverage where prudent
  • Utilize hedging strategies to maximize revenue security
  • Agnostic regarding entry into specific basins and plays, we are value and opportunity driven with respect to where we invest

 

Drill Partnerships

BCE will partner with leading North American operators to form off-balance sheet Drill Partnerships in order to develop de-risked drilling locations. Within these partnerships, we will provide the capital necessary to sustain or accelerate asset development, bringing forward significant value for our partners and helping to secure the full future potential of the asset. Importantly, we will not be taking a working interest in acreage or drilling units, only an economic interest in select wellbores and therefore will not be burdening any future locations proven in the course of the development plan.

 

Investment Criteria

Platform Companies

  • Experienced management with track record of operating success
  • Investment size: $5 to $50 million
  • Onshore North America
  • Producing assets with positive field level cash flow
  • PDP upside through operational enhancements and cost reductions
  • Inventory of low-risk and low-cost PDNP opportunities and/or PUD locations
  • Primarily targeting equity investments, but flexible on structure

 

Drill Partnerships

  • Established successful operating history
  • Investment size: Typically $5 to $50 million, but can be larger with co-investment
  • Onshore North America
  • Geologically de-risked acreage
  • Robust well-level returns
  • Infrastructure for gathering and SWD in place

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