Presidio Investment Holdings, a specialised oil and gas operator focused on optimising mature producing assets across the United States, has entered into a definitive business combination agreement with EQV Ventures Acquisition Corp, a special purpose acquisition company.
The proposed business combination will result in Presidio becoming a publicly listed company on the New York Stock Exchange under the ticker “FTW”, reflecting the company’s Fort Worth, Texas headquarters. The combined entity, to be named Presidio Production Company, is expected to carry a post-transaction enterprise value of approximately $660 million, including acquired assets.
The company will maintain its existing management structure, with Will Ulrich and Chris Hammack continuing as co-chief executives. As part of the transaction, Presidio will acquire a complementary Texas Panhandle asset from EQV Resources LLC, an affiliate of EQV, whilst EQV’s sponsor will retain a significant ownership stake following completion.
Presidio’s differentiated approach centres on acquiring under-managed oil and gas wells, optimising them through technology deployment including automation, real-time data analytics, and artificial intelligence processes. The strategy represents a departure from capital-intensive shale operations towards a more disciplined, returns-focused model with zero reliance on future drilling and minimal capital investment requirements.
The management team emphasised their positioning as “the last, best steward of America’s oil and gas wells,” with Ulrich highlighting the transaction as providing “a permanent platform to scale our yield-focused model” and pursue accretive acquisitions. Hammack described Presidio as representing “the next evolution of the public oil and gas company — efficient, predictable, and yield-driven.”
The combined company will operate over 2,000 producing wells across Texas, Oklahoma, and Kansas, with expected net production of 26,000 barrels of oil equivalent per day in 2025. Key operational metrics include a low production decline rate of 8 percent, compared to a peer average of 24 percent, and minimal capital expenditure requirements representing only 3 percent, of expected cash flow reinvestment.
The company has secured substantial hedging coverage, with 78 percent, of estimated production hedged through 2027, supporting an expected annual common dividend of $1.35 per share, implying a 13.5 percent, dividend yield.
The transaction has attracted backing from Presidio management, funds advised by JPMorgan Investment Management, Citizens Bank, and several institutional investors, including a major oil and gas company.
EQV’s founder and chief executive Jerry Silvey expressed confidence that the structure would support Presidio’s position as “a sustainable yield leader” and “preferred consolidator of producing oil and gas assets.”
For more information visit www.eqvventures.com
