Quantum Capital Group has agreed to purchase Caerus Oil and Gas in a deal valuing the Rocky Mountain energy explorer at $1.8 billion, sources reveal. This acquisition from backers Oaktree Capital Management, Anschutz Investment Co., and Old Ironsides Energy highlights the increasing interest of private equity firms in the oil sector.
The deal reflects a trend of buyout firms investing heavily in oil and gas amidst a post-COVID surge in energy prices. Last month, KKR-backed Crescent Energy Inc. announced a $2.1 billion acquisition of SilverBow Resources Inc.
Caerus operates over 7,400 wells in Colorado’s Piceance Basin and Utah’s Uinta Basin, with extensive infrastructure including 2,400 miles of pipelines. Founded by CEO Wil VanLoh, Quantum is a Texas-based private equity firm specializing in oil and gas investments.