Grayson Mill Energy
Grayson Mill Energy is a Houston-based, EnCap-backed exploration and production company that acquires, develops, and divests unconventional oil and gas assets in North America, primarily in the Bakken, generating returns via production and asset sales to larger operators.
- Company typePrivate
- Founded2016
- HeadquartersHouston, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Grayson Mill Energy does
Grayson Mill Energy (GME) is a Houston-based, private exploration and production company founded in October 2016 that acquires, develops, and ultimately divests unconventional oil and gas assets in North America. The company initially built a position in the Powder River Basin (Converse County, Wyoming) targeting the Turner, Niobrara, Mowry, Muddy, and Parkman formations, then pivoted in February 2021 to the Williston/Bakken with a $900 million purchase of Equinor's 242,000-net-acre position. In April 2023 it executed an $825 million PSA with Ovintiv for an additional 46,000 net acres (~37 Mboepd) housed in Grayson Mill III (Bakken), reaching peak production of approximately 120 net Mboepd in Q3 2023 (~55% oil, ~80% liquids) and validating 3-mile lateral well design, with four such wells on the Reide DSU producing ~775 MBO across 200 days.
GME's business model is a private-equity-backed build-develop-exit loop rather than a long-life producer: it acquires large operated acreage positions at attractive entry multiples, applies advanced completion technology and operational efficiency initiatives (workovers, refracs, uptime programs) to grow production and NAV, and then sells the assembled asset to a larger operator. The $5.0 billion September 2024 sale of the Williston Basin to Devon Energy is the headline realization of this model, monetizing returns for lead sponsor EnCap Investments L.P., which has deployed roughly $24 billion across more than 240 upstream companies since 1988. In December 2022 the company divested its Powder River Basin acreage, concentrating portfolio risk into a single basin before the Devon exit.
Following the Devon divestiture, GME's revenue base was effectively extinguished. In April 2025 the company received a new undisclosed equity capital commitment from EnCap and hired three senior leaders — David Loveday (CTO), Elijah Lavicky (CFO), and Robert Leidy (VP Reservoir Engineering) — from Ridgemar Energy after that firm's exit to Crescent Energy. The current entity operates as a sponsor-backed platform seeking its next acquisition; headquarters remain at 11757 Katy Freeway, Suite 1500, Houston, Texas, with 51-100 employees.
Grayson Mill Energy firmographics
Firmographics- Name
- Grayson Mill Energy
- Legal name
- Grayson Mill Energy
- Website
- https://graysonmillenergy.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Grayson Mill Energy is a Houston-based, EnCap-backed exploration and production company that acquires, develops, and divests unconventional oil and gas assets in North America, primarily in the Bakken, generating returns via production and asset sales to larger operators.
- Ownership category
- akta.pro rank
Grayson Mill Energy industry classification
Industry- Product category
- Upstream Oil and Gas Exploration and Production
- NAICS
- Mining and Oil and Gas Field Machinery Manufacturing (33313)
- SIC
- Oil & Gas Field Exploration Services (1382)
- akta.pro primary industry
- Coalbed Methane (CBM) / Coal Seam Gas (CSG) (EUAAAAAD)
Keywords
Where Grayson Mill Energy is headquartered
LocationHeadquarters
- HQ city
- Houston
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Grayson Mill Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D
Revenue model
- Oil and Gas Production Revenue: GME generates revenue through the sale of produced oil, natural gas, and natural gas liquids (NGLs). Production peaked at ~120 net Mboepd in Q3 2023 with approximately 55% oil ratio and ~80% liquids ratio, yielding high cash margins. Revenue is commodity-price sensitive and realized through bulk sales to refineries, traders, and midstream processors.
- Asset Divestiture / Exit Proceeds: GME's business model includes acquiring large acreage positions, developing assets, and selling them to generate returns for its private equity backer (EnCap Investments). The $5.0 billion sale of the Williston Basin to Devon Energy in September 2024 represents a major exit event. Acquisitions from Equinor ($900M) and Ovintiv ($825M) were prior steps in building and then divesting the Williston Basin position.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
Grayson Mill Energy product offering
Product offeringCore offering
Grayson Mill Energy is a Houston-based exploration and production company that acquires, develops, and operates oil and gas properties in North America, primarily in the Williston Basin (Bakken) and Powder River Basin. The company generates revenue through the sale of produced crude oil, natural gas, and natural gas liquids to downstream refiners and midstream operators, while pursuing returns via large-scale asset acquisitions and divestitures. Its operations employ horizontal drilling, hydraulic fracturing, 3-mile lateral completions, DUC well workovers, and refrac campaigns.
Product overview
Grayson Mill Energy is a single-segment exploration and production company offering vertically-integrated oil and gas asset acquisition, development, and optimization services. The company operates across two primary basins—Williston Basin (Bakken) and Powder River Basin—deploying advanced drilling technologies including 3-mile lateral wells, DUC well completions, and refrac campaigns. Their business model combines disciplined acquisitions of oil and gas assets with operational efficiency improvements to generate positive cash flow and net asset value growth for investors backed by EnCap Investments.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Record production of 120 net Mboepd in Q3 2023 with ~55% oil ratio and ~80% liquids ratio
- +3 more outcomes
Companies that use Grayson Mill Energy
Customer profileSegments1 record
Ideal customer profiles2 records
Grayson Mill Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Grayson Mill Energy partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and flagship.
- Ridgemar EnergycoreIn January 2025, following Ridgemar Energy's successful exit to Crescent Energy, GME recruited three key leaders from Ridgemar: David Loveday (Chief Technical Officer), Elijah Lavicky (Chief Financial Officer), and Robert Leidy (VP Reservoir Engineering). These executives bring deep technical and financial expertise from Ridgemar's large Eagle Ford asset base.
- Devon EnergyflagshipIn September 2024, GME divested its entire Williston Basin assets to Devon Energy for $5.0 billion, delivering an exceptional return for its partners. This was the largest upstream M&A transaction in Q3 2024. Devon subsequently merged GME's assets into its own portfolio, expanding its net acre position significantly.
- OvintivcoreIn April 2023, GME executed a PSA with Ovintiv to acquire its Williston Basin position for $825 million. The assets included 46,000 net acres and produced approximately 37 Mboepd in Q1 2023. This acquisition was made through Grayson Mill III (Bakken), a newly formed entity with the same management team, significantly expanding GME's scale in the basin.
- EquinorcoreIn February 2021, GME executed a Purchase and Sale Agreement (PSA) with Equinor to acquire its Williston Basin position for $900 million. The acquired assets included 242,000 net acres, 736 gross operated wells, and production of 40.0 net BOEPD. This acquisition established GME's core position in the Bakken/Williston Basin.
Scale indicators5 records
Recent moves9 records
Expansion highlights4 records
Grayson Mill Energy competitors and assessment
Company assessmentDirect peers
- Crescent Energy: Crescent Energy is a publicly traded, PE-influenced upstream E&P built on the same acquire-develop-exit playbook GME runs — it acquired Ridgemar Energy in January 2025 (the very platform from which GME just hired its CTO, CFO, and VP Reservoir). Same basin-by-basin consolidation strategy, same sponsor-driven economics, same reliance on M&A.
- Chord Energy: Chord Energy (formerly Oasis Petroleum) is a Williston Basin pure-play operator where GME's CIO Corey Scherrer and other alumni previously worked. It is the natural operating comp for GME's Bakken production profile (high oil ratio, horizontal + refrac development) and a likely competing bidder for the next basin GME targets.
- Vital Energy: Vital Energy is a mid-cap, returns-focused independent E&P pursuing acquisition-driven growth across U.S. unconventional plays — directly comparable to GME's land-and-expand strategy and a peer for capital-allocation benchmarking on ROIC, reinvestment ratio, and exit timing.
- Civitas Resources: Civitas Resources is a large U.S. independent E&P formed through the rollup of Bonanza Creek, Extraction Oil & Gas, and Crestone Peak Resources — a near-perfect template for the buy-develop-exit model GME is replicating, with a current focus on the Permian, DJ, and Powder River basins.
- Granite Ridge Resources: Granite Ridge Resources is a PE-spun (EnCap) non-operated U.S. upstream platform that pursues disciplined, sponsor-backed consolidation of working-interest positions — directly comparable to GME's returns-focused, EnCap-sponsored strategy and a useful comp for sponsor economics and exit-path benchmarking.
- Permian Resources: Permian Resources is an independent E&P formed through the merger of Centennial Resource Development and Colgate Energy — an explicit consolidation-rollup comp for GME's playbook, with a focus on acquiring and developing high-quality Tier 1 acreage and exiting through scale-driven M&A.
Broad incumbents
- Devon Energy: Devon Energy is the acquirer of GME's Williston Basin position for $5.0B in September 2024 and a large, diversified U.S. independent with a meaningful Bakken/Williston footprint. Comparable as the natural strategic exit counterparty for GME-style acquisitions, though far broader in scale and basin mix than GME itself.
- Continental Resources: Continental Resources is a large, founder-controlled (Hamm) U.S. independent with a long-standing core position in the Bakken — the same basin GME just monetized. Comparable as a competing acquirer of large Williston packages and as a benchmark for high-return Bakken operator economics.
- Ovintiv: Ovintiv sold its Williston Basin position to GME for $825M in April 2023 and is a large, multi-basin U.S. independent. Comparable as the upstream seller-counterparty profile (large E&P divesting non-core U.S. unconventional assets) that GME's redeployment thesis depends on continuing to find.
- Hess Corporation: Hess Corporation is a large U.S. independent with a core Bakken position — and notably the company where GME's CEO Blake Sullens began his career. Comparable as a Bakken operator benchmark and as a likely counterparty in future Bakken-area consolidation, even though far broader and more international in scope than GME.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Grayson Mill Energy social profiles
Digital presenceGrayson Mill Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Grayson Mill Energy leadership team
Management profileNumber of profiles
Profiles9 records
Grayson Mill Energy funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Grayson Mill Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Grayson Mill Energy
What does Grayson Mill Energy do?
Grayson Mill Energy is a Houston-based exploration and production company that acquires, develops, and operates oil and gas properties in North America, primarily in the Williston Basin (Bakken) and Powder River Basin. The company generates revenue through the sale of produced crude oil, natural gas, and natural gas liquids to downstream refiners and midstream operators, while pursuing returns via large-scale asset acquisitions and divestitures. Its operations employ horizontal drilling, hydraulic fracturing, 3-mile lateral completions, DUC well workovers, and refrac campaigns.
Is Grayson Mill Energy a public or private company?
Grayson Mill Energy is a private company. It is classified as private equity controlled and is currently operating.
When was Grayson Mill Energy founded?
Grayson Mill Energy was founded in 2016. It employs 51 to 100 people.
Where is Grayson Mill Energy based?
Grayson Mill Energy is headquartered in Houston, United States, in the North America region.
How does Grayson Mill Energy make money?
Two revenue lines are on record. Oil and Gas Production Revenue is the primary driver. The others are asset Divestiture / Exit Proceeds.
Who are Grayson Mill Energy's main competitors?
Direct peers on record are Crescent Energy, Chord Energy, Vital Energy, Civitas Resources, Granite Ridge Resources and Permian Resources. Broad incumbents are Devon Energy, Continental Resources, Ovintiv and Hess Corporation.
Does Grayson Mill Energy have an API?
No public API is recorded for Grayson Mill Energy.
What industry is Grayson Mill Energy in?
Grayson Mill Energy's product category is Upstream Oil and Gas Exploration and Production. Its primary akta.pro industry code is EUAAAAAD, Coalbed Methane (CBM) / Coal Seam Gas (CSG). Its NAICS code is 33313 and its SIC code is 1382.