GlobeNewswire Inc | Dec 16, 2020 07:01AM EST

December 16, 2020

DENVER, Dec. 16, 2020 (GLOBE NEWSWIRE) -- BKV Corporation (BKV) announced today that funds managed by Oaktree Capital Management L.P. (Oaktree) has invested $100 million in preferred equity in BKV towards BKVs notable deal with Devon Energy Corporation (NYSE: DVN) (Devon) acquiring Devons assets in the Barnett Shale. Through this strategic partnership, Oaktree has committed to invest an additional $600 million in future mutually agreed upon opportunities in natural gas.

BKVs technology-driven approach to the natural gas market and strong leadership has enabled it to become one of the top 20 natural gas companies in the U.S. since its inception five years ago, while furthering Banpu Public Company Limiteds (Banpu) commitment to expand to natural gas holdings in the U.S. Banpu and BKV are committed to continue acquiring proved developed producing (PDP) weighted unconventional gas assets.

BKVs strong management team, data-driven approach, technological capabilities and demonstrated strategy to consolidate U.S. natural gas assets is attractive to Oaktree, stated Brook Hinchman, Managing Director at Oaktree. As ESG has become increasingly important to the energy sector and U.S. natural gas has become an increasingly important fuel source for global power production, we are excited to support BKVs expansion in the U.S. and Banpus advancement of a sustainable energy future.

BKVs disciplined approach to all activities, from operations to underwriting acquisitions, made the company an ideal partner, added Robert LaRoche, Vice President at Oaktree. The acquisition of Devons assets is especially attractive to Oaktree, given their proximity to key, in-demand markets, and the opportunity to optimize the cash flow of Devon through consolidation. We view this collectively as a recipe for success.

Mr. LaRoche will join BKVs Board of Directors.

Our partnership with Oaktree brings additional strategic alignment and support towards realizing BKVs aspiration of becoming a technology-driven natural gas E&P champion, said Christopher Kalnin, CEO of BKV Corporation. We look forward to the potential opportunities this partnership will make possible.

About BKV CorporationBKV is a valuesdriven company that believes the combination of visionary strategy, focus on execution, and balance in daytoday life are the keys to creating longterm, sustainable value. BKV is the parent company for BKV Barnett LLC, BKV Operating LLC, BKV Chelsea LLC, BKV Chaffee Corners, LLC and Kalnin Ventures LLC.

About BanpuBanpu is listed on the Stock Exchange of Thailand and is one of the energy leaders in the Asia-Pacific region with widespread experience in a variety of domestic and international energy industries. Banpu is focused on developing and investing in energy supply chain business including mining, conventional and renewable power generation, and energy technology solutions with investments located in Thailand, Indonesia, China, Australia, Laos PDR, Vietnam, Mongolia, Singapore, Japan and the United States. More information is available at www.banpu.com.

About Oaktree Oaktree is a leader among global investment managers specializing in alternative investments, with $140 billion in assets under management as of September 30, 2020. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktrees website at http://www.oaktreecapital.com/.

AdvisorsGuggenheim Securities acted as financial advisor to BKV. Fox Rothschild, LLP acted as legal advisor to BKV. Kirkland & Ellis, LLP acted as legal advisor to Oaktree.

Press Contact:BKV Corporation April Lynch, Pennebakerapril@pennebaker.comPhone: 1+ 7139221895