Banpu’s BKV subsidiary acquires Bedrock Production for $370M, boosting Barnett Shale reserves, production, and midstream assets to strengthen natural gas leadership.
Banpu Public Company Limited has officially notified the Stock Exchange of Thailand that on August 7, 2025, its U.S.-based indirect subsidiary, BKV Upstream Midstream, LLC—operating through BKV Corporation (BKV), which is listed on the New York Stock Exchange—entered into a Membership Interest Purchase Agreement (MIPA) with Bedrock Energy Partners, LLC. This agreement enables BKV to acquire Bedrock Production, LLC, a company owning both upstream and midstream natural gas assets in the Barnett Shale, USA.
The deal is valued at $370 million (around THB 11,966 million) and remains subject to certain price adjustments in accordance with the Purchase and Sale Agreement (PSA) terms. Funding for this acquisition will be a combination of $110 million in newly issued BKV shares to Bedrock Energy Partners, LLC—subject to a 60-day lock-up period—and $260 million in loans from financial institutions. The transaction is expected to close in October 2025, provided all customary closing conditions are met.
Through this acquisition, BKV will significantly enhance its competitive positioning and resource portfolio by securing:
1. Strategic Acreage & Reserves – Approximately 97,000 net acres of prime land in the Barnett Shale, located adjacent to existing BKV operations. The assets have nearly 1 trillion cubic feet equivalent (Tcfe) of proved reserves (1P), with more than 70% classified as proved developed producing (PDP). In the second quarter of 2025, the properties produced around 108 million cubic feet equivalent per day (MMcfepd), comprising about 63% natural gas and 37% natural gas liquids (NGL).
2. Extensive Production Assets – A portfolio including 1,128 gross operated wells, about 50 top-tier drillable locations with 10,000-foot laterals, and 80 refracturing opportunities. This operational profile supports steady, efficient output while creating potential synergies with BKV’s existing operations. The acquisition also offers opportunities for cost optimization through operational scale and shared infrastructure.
3. Midstream Infrastructure – Approximately 200 miles of owned natural gas and Water Pipeline infrastructure. Upon completion, BKV’s total net gas production is expected to rise by roughly 108 MMcfepd, while its 1P reserves will expand by 1 Tcfe.
This deal will strengthen BKV’s standing as the largest gas-weighted operator in the Barnett Shale and solidify its role as a key consolidator in the basin. It further supports the company’s leadership in developing net-zero natural gas production.
For BANPU, the acquisition aligns with its Energy Symphonics strategy, which focuses on enhancing global energy security, meeting rising energy demand, and contributing to the transition toward a sustainable, low-carbon future.
