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The new company will operate former Whiting Petroleum Co. assets in Weld County—the so-called Redtail assets—and is laying the foundation for a greater role in the oil and gas industry.

Whiting Petroleum revealed this week that it has completed the sale of Redtail assets and the purchase of new assets in North Dakota.

The buyers of Weld's Redtail assets are new industry players composed of experienced industry professionals. The company is called Fundare Resources Operations Co., Ltd. The independent exploration and production company was registered in the state on August 5, 2021, and said in a press statement that it will take over Redtail operations on November 1. Fundare is a Denver company, but its registered office is in Yili.

The company wrote in a statement that Fundare is Latin, meaning "to lay the foundation." The company "is built on the principles of building an asset foundation managed with integrity, teamwork and transparency, and its proven values ​​have brought repeated success to its investors."

"We would like to thank the Whiting team for their assistance throughout the acquisition process. We look forward to following in its footsteps as the responsible owner and operator of Redtail assets. Fundare President Cody Truitt (Cody Truitt) in a statement Said: "We have a mature operating team, rich operating experience and previous successes in DJ Basin. "

Mike Starzer, Executive Chairman of Fundare, added: "This transaction emphasizes Fundare's strategy of acquiring low-risk, productive real estate, in which the Fundare team will use its expertise to maximize shareholder returns."

Fundare’s senior management also includes Cliff Linhardt as chief accounting officer, Craig Gleaton as general counsel and vice president of land, Bryan Brown as vice president of operations, and Daniel Seaver as vice president of midstream and marketing.

The company said that the funds for the acquisition came from equity provided by WDC Energy LLC, management, and a group of friends and family investors. Fundare also entered into a bill purchase agreement with Cibolo Energy Partners LLC to provide debt capital to finance part of the acquisition.

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