Atlas Energy Group, Llc  (ATLS)
Other Ticker:  
    Sector  Energy    Industry Oil And Gas Production
   Industry Oil And Gas Production
   Sector  Energy

Atlas Energy Group, Llc

Business Description

We are a publicly traded Delaware limited liability company formed in October 2011.

On February 27, 2015, our former owner, Atlas Energy, L.P. (“Atlas Energy”), transferred its assets and liabilities, other than those related to its midstream assets, to us, and effected a pro rata distribution of our common units representing a 100% interest in us, to Atlas Energy’s unitholders (the “Separation”). Concurrently with the distribution of our units, Atlas Energy and its remaining midstream interests merged with Targa Resources Corp. (“Targa”; NYSE: TRGP) and ceased trading.

AGP’s primary business objective is to generate an attractive total return, consisting of current distributions and capital appreciation, through the acquisition of oil and gas assets in North America. As of December 31, 2016, AGP’s estimated proved reserves were 23 Bcfe. Of the estimated proved reserves, approximately 30% were proved developed and approximately 87% were oil. For the year ended December 31, 2016, its average daily net production was approximately 5.7 MMcfe.

On November 2, 2016, AGP’s Board of Directors determined to suspend its quarterly common unit distributions, beginning with the three months ended September 30, 2016, in order retain its cash flow and reinvest in its business and assets At this time, AGP can provide no certainty as to when or if distributions will be reinstituted.

Eagle Ford. The Eagle Ford Shale is an Upper Cretaceous-age formation that is prospective for horizontal drilling in approximately 26 counties across South Texas. Target vertical depths range from 4,000 to some 11,000+ feet with thickness from 40 to over 400 feet. The Eagle Ford formation is considered to be the primary source rock for many conventional oil and gas fields including the prolific East Texas Oil Field, one of the largest oil fields in the contiguous United States. AGP owns oil, natural gas and NGL interests in approximately 2,833 net acres, of which 1,592 are undeveloped, non-producing net acres and 704 are developed net acres, in the Eagle Ford Shale in Atascosa County, Texas. AGP acquired its Eagle Ford position through a series of acquisitions in 2014 and 2015 for approximately $100 million. During the year, AGP averaged 5.3 MMcfe/d net production volumes. AGP estimates 23 Bcfe of total proved reserves for its Eagle Ford position, of which 89% are oil.

Marble Falls. The Marble Falls play is Pennsylvanian-age formation located above the Barnett Shale and beneath the Atoka at depths of approximately 5,500 feet and ranges in thickness from 50 and 500 feet. AGP owns oil, natural gas and natural gas liquids interests in approximately 2,208 net acres, of which 770 are undeveloped, non-producing net acres and 1,438 are developed net acres in the Marble Falls formation and the Barnett Shale, in Jack County, Texas. During the year, AGP averaged 0.32 MMcfe/d net production volumes. AGP estimates 0.5 Bcfe of total proved reserves for its North Texas positions, of which 100% are proved developed and producing (“PDP”).

Mississippi Lime. The Mississippi Lime formation is an expansive carbonate hydrocarbon system and is located at depths between 4,000 and 7,000 feet between the Pennsylvanian-aged Morrow formation and the Devonian-age world-class source rock Woodford Shale formation. The Mississippi Lime formation can reach 600 feet in gross thickness, with a targeted porosity zone between 50 and 100 feet thickness. AGP owns a non-operated 21.25% working interest in two wells in the Mississippi Lime formation in Garfield County, Oklahoma, operated by SandRidge Energy, Inc. During the year, AGP averaged 0.043 MMcfe/d net production volumes. AGP estimates 0.15 Bcfe of proved reserves in its Mississippi Lime positions, of which 45% are gas.

Lightfoot is a private investment vehicle that focuses on investing directly in master limited partnership-qualifying businesses and assets. Lightfoot investors include affiliates of, and funds under management by, GE EFS, us, BlackRock Investment Management, LLC, Magnetar Financial LLC, CorEnergy Infrastructure Trust, Inc. and Triangle Peak Partners Private Equity, LP. As of December 31, 2016, we own an approximate 15.9% interest in Lightfoot’s general partner and a 12.0% interest in Lightfoot’s limited partner.

Lightfoot’s stated strategy is to make investments by partnering with, promoting and supporting strong management teams to build growth-oriented businesses or industry verticals. Lightfoot provides extensive financial and industry relationships and significant master limited partnership experience, which assist in growth via acquisitions and development projects by identifying:

efficient operating platforms with deep industry relationships;

significant expansion opportunities through add-on acquisitions and development projects;

stable cash flows with fee-based income streams, limited commodity exposure and long-term contracts; and

scalable platforms and opportunities with attractive fundamentals and visible future growth.

On November 6, 2013, ARCX, a master limited partnership owned and controlled by Lightfoot Capital Partners, L.P., began trading publicly on the NYSE. ARCX is focused on the terminalling, storage, throughput and transloading of crude oil and petroleum products in the East Coast, Gulf Coast and Midwest regions of the United States. ARCX’s cash flows are primarily fee-based under multi-year contracts. Lightfoot has a significant interest in ARCX through its ownership of a 27.1% limited partner interest, Lightfoot Capital Partners, G.P., the general partner, and all of Lightfoot’s incentive distribution rights. Lightfoot intends to utilize ARCX to facilitate future organic expansions and acquisitions for its energy logistics business.

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