Fortis exploring IPO for shale minerals assets

By Luke Geiver | October 01, 2019

Fortis Minerals has a goal to go public. The Houston-based firm that acquires and manages large tracks of mineral interests, has filed a registration with the U.S. Securities and Exchange Commission for an initial public offering.

Fortis was formed by several former executives from shale operations. Chairman Skye Callantine formerly served as President of Felix Energy after a large role with Cheseapeake Energy. Chris Transier, CEO, and Freddie Barela, vice president, formerly worked in the Eagle Ford. Brad Wright, CFO, previously worked at Plains All American Pipeline.

The team has been working in the Permian Basin shale play of West Texas and New Mexcio while also working the STACK play in the Anadarko Basin of Oklahoma.

The number of shares to be offered and the price range for the proposed offering have not yet been determined. Fortis Minerals intends to list its Class A shares on the New York Stock Exchange under the ticker symbol “NRI,” according to the company.

For the IPO, Fortis will pool the assets of Fortis, Sooner Trend Minerals, Chisos Minerals LLC and Phillips Energy Partners.

Earlier this year, Austin-based Brigham Minerals issued an IPO on the NYSE for 13.5 million shares at roughly $15 per share.