X2 Resources, LLC has announced the successful closing of an equity capital commitment from EnCap Investments L.P., Westlawn Group LLC, Rice Investment Group, and its own management team, positioning the company to pursue significant acquisition opportunities in the oil and gas sector.
Backed by this group of high-profile investors, X2 is actively targeting acquisition opportunities ranging from $500 million to multi-billion dollars across leading US oil and gas basins. The company plans to leverage its deep operational expertise and team-driven culture to develop and manage large-scale upstream assets.
“We are thrilled to be in partnership with EnCap, Westlawn, and RIG, and deeply appreciate their support and trust,” said Gray Lisenby, CEO of X2. “Our equity partners and operating team are aligned and confident in our ability to develop large-scale assets and generate attractive risk-adjusted returns.”
Jason DeLorenzo, managing partner at EnCap, added, “We are excited to partner with X2 in its next venture. X2 has a proven track record of excellence, and we believe the team is well positioned to capture a significant asset base and execute on a large-scale development programme in an efficient and responsible manner. We greatly appreciate our long-standing partnership with Gray and the X2 team and look forward to building another successful enterprise together.”
The X2 team previously led the rapid growth and strategic sale of XCL Resources, LLC to SM Energy Company and Northern Oil and Gas, Inc. for $2.64 billion in October 2024. During its ownership, XCL developed 250 wells across 12 formations in Utah’s Uinta Basin, increasing oil production from 10,000 to 60,000 barrels per day.
Legal counsel for the transaction included Vinson & Elkins LLP representing EnCap, Winston & Strawn LLP advising Westlawn, and Latham & Watkins LLP representing X2 during the company’s formation.
For more information visit www.x2r.com
