WINRIGHT RESOURCES PARTNERS WITH OZ MANAGEMENT TO PURSUE ACQUISITION AND DEVELOPMENT OPPORTUNITIES IN THE ANADARKO BASIN AND CLOSES FIRST ACQUISITION
HOUSTON: December 14, 2017 - Winright Resources, LLC ("Winright") announced the closing of an equity commitment from certain affiliates of Och-Ziff Capital Management Group LLC (NYSE: OZM) ("Oz Management") in conjunction with its initial acquisition in the Anadarko Basin. The acquisition includes over 13,000 net acres prospective for multiple pay horizons and approximately 14 million cubic feet of equivalent net gas production per day.
Jason Cribbs, CEO and Co-Founder of Winright, said, "We are thrilled to announce our first asset purchase that comes with a strong production base, operational upside and ample future development opportunities. We look forward to our newly formed partnership with Oz Management - the Oz team has tremendous financial insight, resources, and investment experience which will provide significant leverage as we grow our company and actively pursue additional acquisitions.
Clayton Mykytiw, COO and Co-Founder of Winright, added, "The recent acquisition is the exact type of opportunity we seek: a mature producing field with operational upside. We will employ our operational improvement techniques as well as execute on our development strategy to maximize production, recovery and value in a safe and environmentally conscientious manner.
"We are excited to partner with Jason and Clayton," said Mark Bisso, Managing Director and Co-Head of the Energy Group at Oz Management. "The team is well positioned and the initial acquisition provides a strong platform for Winright to execute on their proven acquisition, exploitation and development plans."
Oz Management's dedicated private energy investment team focuses on middle market investments in the upstream, midstream and energy services sectors primarily in North America and has invested approximately $2.0 billion in the sector.
Winright Resources is a private company based in The Woodlands, Texas, engaged in the acquisition, exploitation and development of oil and gas properties in the Mid-Continent Regions of Texas and Oklahoma. Winright was co-founded by Jason Cribbs (CEO) and Clayton Mykytiw (COO), both Petroleum Engineers and industry veterans with significant acquisition, evaluation, operations and development experience. For more information on Winright, please visit www.winrightllc.com.
About Oz Management
Oz Management is one of the largest institutional alternative asset managers in the world, with offices in New York, London, Hong Kong, Mumbai, Beijing, Shanghai and Houston. Oz provides asset management services to investors globally through its multi-strategy funds, dedicated credit funds, including opportunistic credit funds and Institutional Credit Strategies products, real estate funds and other alternative investment vehicles. Oz seeks to generate consistent, positive, absolute returns across market cycles, with low volatility compared to the broader markets, and with an emphasis on preservation of capital. Oz's funds invest across multiple strategies and geographies, consistent with the investment objectives of each fund. The global investment strategies Oz employs include convertible and derivative arbitrage, corporate credit, long/short equity special situations, merger arbitrage, private investments, real estate and structured credit. As of December 1, 2017, Oz had approximately $32.2 billion in assets under management. For more information, please visit Oz's website (www.ozm.com).