Tracked deals
5
5 tracked deals across 2012-2026.
Oil & Gas Buyers & Acquisitions in North Dakota
Buyer mix
Mixed buyer set
4 pe · 4 strategic
Top trend
Volume peaked in 2026
2 tracked deals announced in 2026.
Primary Insight
What Stands Out
- Bakken assets and production: Deals include Kraken Resources LLC’s acquisition of Zavanna Energy Operating, with leasehold acres and operated wells, and Vitesse Energy, Inc.’s announced all-stock transaction for Lucero Energy’s Bakken production assets.
- Oilfield services: Transactions involve production and midstream chemicals, environmental and acid-blending services, and oilfield construction.
- Investment and recapitalization: Monomoy Capital Partners acquired Creedence Energy Services in a sale and recapitalization; Ranch Creek Partners, LLC and Hillstar Capital invested in OneCor Services, with financing from True West Capital Partners.
- Regional expansion: Several deal descriptions connect acquisitions or investment to growth in the Bakken and North Dakota, including Sunland Field Services, Inc.’s expansion of construction services into the region.
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Hillstar Capital | 1 | Dallas-based investment firm focused on lower middle-mark... | PE |
| Kraken Oil & Gas Partners LLC | 1 | Wholly-owned subsidiary vehicle used by Kraken to finance... | Strategic |
| Kraken Resources LLC | 1 | Private exploration and production company focused on dri... | Strategic |
| Monomoy Capital Partners | 1 | Private investment firm investing in middle-market manufa... | PE |
| Ranch Creek Partners, LLC | 1 | Private equity firm targeting control positions in lower-... | PE |
| Sunland Field Services, Inc. | 1 | Provider of oilfield and energy-related construction serv... | Strategic |
| True West Capital Partners | 1 | West Coast-based investment firm providing flexible debt ... | PE |
| Vitesse Energy, Inc. | 1 | Public oil and gas operator focused on investments in non... | Strategic |
Acquisition Volume in Oil & Gas in North Dakota by Year
Last 3 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- Monomoy Capital Partners
- Target
- Creedence Energy Services, LLC
- Seller
- Tower Arch Capital
- Industry
- Oil & Gas
- Location
- North Dakota, United States
- Type
- Recapitalization
Monomoy Capital Partners acquired Creedence Energy Services from Tower Arch Capital in a transaction described as a sale and recapitalization, concluding Tower Arch’s partnership with Creedence that began in 2019. Creedence provides production and midstream chemical services to oil and gas operators, and has more than 275 employees across 22 locations serving over 200 customers.
-
- Buyer
- Kraken Resources LLC, Kraken Oil & Gas Partners LLC
- Target
- Zavanna Energy Operating, LLC
- Industry
- Oil & Gas
- Location
- North Dakota, United States
- Type
- Buyout
Kraken Resources LLC acquired the membership interests of Zavanna Energy Operating, LLC on March 31, 2026. The acquisition includes approximately 35,000 net leasehold acres in North Dakota (Williams and McKenzie counties) and producing assets such as 175 operated wells, funded with borrowings under Kraken’s revolving credit facility, a $200 million equity contribution from affiliates of Kayne Anderson, and proceeds from a $400 million senior notes offering.
-
December 16, 2024
- Buyer
- Vitesse Energy, Inc.
- Target
- Lucero Energy Corp.
- Seller
- FR XIII PetroShale Holdings L.P.
- Industry
- Oil & Gas
- Location
- North Dakota, United States
- Type
- Buyout
Vitesse Energy, Inc. will acquire Lucero Energy Corp. in an all-stock transaction valued at approximately US$222 million (fully diluted equity value). The deal is expected to close in the second quarter of 2025, and would add Lucero’s operated oil and gas production assets in the Bakken to Vitesse’s portfolio.
-
September 6, 2017
- Buyer
- Ranch Creek Partners, LLC, Hillstar Capital, True West Capital Partners
- Target
- OneCor Services, LLC
- Industry
- Oil & Gas
- Location
- North Dakota, United States
- Type
- Growth capital
Ranch Creek Partners, in partnership with Hillstar Capital, announced an equity investment in OneCor Services, LLC (operating as Jerry's Services) to support growth and geographic expansion. True West Capital Partners provided both debt and equity financing; OneCor will continue to be led by CEO Ricky Waitman and GM Tom Bachmeier as the company expands its environmental and acid-blending services for the Bakken oilfield.
-
- Buyer
- Sunland Field Services, Inc.
- Target
- Black Horse Construction, Inc.
- Industry
- Oil & Gas
- Location
- North Dakota, United States
- Type
- Buyout
Sunland Field Services, Inc. has acquired the business of Black Horse Construction, Inc., expanding Sunland's tank battery, pump unit, roustabout and related oilfield construction services into the Bakken Shale region of North Dakota and Montana. Black Horse, headquartered in Stanley, North Dakota, employs approximately 280 people and will operate as Sunland Field Services – Bakken Operations with most key employees remaining.
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Frequently Asked Questions
What types of oil and gas businesses are involved in North Dakota acquisitions?
The transactions include producing oil and gas assets and service businesses covering production and midstream chemicals, environmental and acid-blending services, and oilfield construction.
Are North Dakota oil and gas deals tied to the Bakken?
Several deal descriptions specifically reference the Bakken, including transactions involving production assets, leasehold acreage, and oilfield services.
What kinds of buyers appear in these North Dakota transactions?
The buyers include energy companies such as Kraken Resources LLC, Vitesse Energy, Inc., and Sunland Field Services, Inc., as well as investment firms including Monomoy Capital Partners.
What deal structures appear in the listed transactions?
The deals include company and business acquisitions, an announced all-stock transaction, a sale and recapitalization, and an equity investment.
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Acquisitions in North Dakota
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