Lithos Track Record
The Lithos management team has collaborated in various combinations for nearly two decades, demonstrating a consistent ability to create value across fluctuating commodity prices and economic cycles, and operating in numerous U.S. onshore basins. Their success story began with the founding of Resolute Energy in 2004, when they launched the company as a private equity-backed startup with $50 million from NGP. Under their leadership, Resolute grew into an NYSE-listed company with an enterprise value approaching $2 billion before merging with Cimarex Energy in 2019. Throughout its evolution, Resolute operated in several key basins, including the Paradox, Powder River, Bakken, and, most notably, the Permian Basin, where the team played a pivotal role as early adopters of horizontal development in the Delaware Basin.
After the sale of Resolute, the team founded Lithos Resources I in late 2020. Shortly after, Lithos I entered into a business combination transaction with Legacy Reserves following its emergence from Chapter 11 reorganization proceedings. Legacy Reserves was renamed Revenir Energy, and the team successfully transformed the company from a collection of disparate, low-productivity assets into a focused horizontal development enterprise with operations in premier onshore basins such as the Permian and Haynesville. In 2024, the assets of the company were monetized, enabling a return of capital to its stakeholders, who were predominantly former creditors.
Revenir Energy
In June of 2024, Revenir Energy Inc. (formerly Legacy Reserves Inc.) completed its strategic process of monetizing oil and gas assets and returning capital to shareholders, marked by the final sale of its remaining operated assets in the Northern Midland Basin on May 15, 2024. Cumulatively, the Company completed over 20 asset sales generating $1.2 billion, enabling $630 million in shareholder returns and reducing liabilities by $700 million.
From late 2019 to mid-2024, the Revenir Energy team transformed the Company into a focused unconventional operator focused in the Permian and East Texas Haynesville. Revenir doubled it's East Texas Haynesville position to 34,000 acres, increasing production from 15 Mmcf/d to over 100 Mmcf/d, before selling the asset in October 2023. The team built and sold over 30,000 acres in the Permian Basin, and drilled 25 high-performing wells.
Resolute Energy
In November 2018, Resolute Energy Corp. announced its sale to Cimarex Energy Co. in a $1.6 billion cash-and-stock transaction, including the assumption of $710 million in debt. Resolute, which controlled 21,100 net acres in Reeves County with 89% held by production and an average 79% working interest, was described as a “tailor-made” bolt-on asset for Cimarex. At the time, Resolute’s production averaged 34,752 boe/d in the third quarter.
From 2011 to 2017, the Resolute team strategically built a 21,100-net-acre position in Reeves County through acquisitions to enable high-quality long lateral development. By Q3 2018, peak production reached approximately 35 MBoepd, with year-end 2017 proved reserves totaling 53 MMBoe. Operating a three-rig horizontal program, the team pioneered multi-zone pad development within the Delaware Basin, successfully drilling and completing three “9-Packs” (three wells per zone across three zones) in 2018.