Presidio Production (now trading as FTW) came public via the EQV Ventures SPAC and immediately sketched out a playbook of acquiring low-decline PDP assets in the Mid-Continent, slashing operating costs, and paying out a fat, growing dividend off boring PDP fields.
They have an ABS warehouse facility that can draw roughly $1 billion.
They’ve already inked Canyon Creek for about $83 million, funded with a mix of cash and stock, and have partially drawn their Goldman-backed ABS line, with guidance that this supports the ramp to the higher dividend of $1.50.
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