You learn the lay of the land. And push yourself to do it right.
Headquartered in Tulsa, Okla., BlueStone Natural Resources II is a private, upstream oil and natural gas acquisition and development company. Starting with property analysis, our efficiency and honesty in evaluating acquisitions and building relationships with landowners sets us apart.
Our 160 employees and more than 500 industry partners contribute to a business with more than 2,000 operations, plus active wells. Growth has been steady and carefully orchestrated. AXIO Natural Resources was the first company formed in the BlueStone franchise. AXIO sold to Chesapeake Energy in 2006 for $145 million, ultimately achieving an 8.7x gross ROI.
In 2006, fresh off the sale of AXIO, most of the AXIO team joined BlueStone Natural Resources. BlueStone deployed $89 million of equity capital from management and Natural Gas Partners Fund VIII to complete more than 60 proprietary acquisitions and develop a portfolio of long-lived oil and gas assets in South Texas and East Texas. BlueStone generated more than a 3.3x gross ROI for its investors after it exited in 2012.
In 2012, the BlueStone team created BlueStone Natural Resources II with a $115 million commitment from management and Natural Gas Partners Fund X. From 2012-2015, BlueStone II completed more than 40 transactions, amassing ownership in more than 1,000 wells located in South Texas and the Barnett Shale plays. In 2016, BlueStone II raised an additional $331 MM from NGP Funds X and XI to fund the acquisition of Quicksilver Resources Inc. US oil and gas assets. BlueStone is continually adding to its portfolio with further acquisitions in its core areas.