Houston-based energy private equity firm Mountain Capital Management has agreed to take Compass from HGI Energy Holdings, which is a subsidiary of New York-headquarters HRG Group, for $145 million in cash.
The deal will also see Compass receive recapitalisation of $110 million in the form of assets or cash.
The transaction is expected to close in August.
Compass holds liquids-rich acreage in the Permian basin, in west Texas, as well as in East Texas and northern Louisiana.
