X2 Resources has secured an equity capital commitment from EnCap Investments, Westlawn Group, Rice Investment Group (RIG), and its management team. With its sponsor support, X2 targets $500 million to multibillion-dollar acquisition opportunities across premier oil and gas basins. And X2’s deep bench of talented team members and unique culture are its foundations for building and executing large-scale oil and gas developments.
The team previously led the successful growth and sale of XCL Resources to SM Energy Company and Northern Oil and Gas for $2.64 billion in October 2024. And XCL drilled 250 wells across 12 formations in Utah’s Uinta Basin, growing oil production from 10,000 to 60,000 barrels per day.
Legal Counsel: Vinson & Elkins served as legal counsel to EnCap, Winston & Strawn served as legal counsel to Westlawn, and Latham & Watkins served as legal counsel to X2 on the formation of the new company.
KEY QUOTES:
“We are thrilled to be in partnership with EnCap, Westlawn, and RIG, and deeply appreciate their support and trust. Our equity partners and operating team are aligned and confident in our ability to develop large-scale assets and generate attractive risk-adjusted returns.”
Gray Lisenby, CEO of X2
“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 program in an efficient and responsible manner to create value for its shareholders. We greatly appreciate our long-standing partnership with Gray and the X2 team and look forward to building another successful enterprise together.”
Jason DeLorenzo, Managing Partner of EnCap
