November 5, 2012 – HGI Energy Holdings, LLC, a wholly owned subsidiary of Harbinger Group Inc. (NYSE: HRG), signed definitive agreements with EXCO Resources, Inc., a publicly traded independent oil and natural gas production company and EXCO Operating Company, LP, to create the EXCO/HGI Partnership.
The EXCO/HGI Partnership would acquire producing and non-producing conventional oil and gas assets from EXCO Resources. The properties included Cotton Valley assets in the Holly, Waskom, Danville and Vernon fields in East Texas and North Louisiana and the liquid rich Sugg Ranch Field in Irion County, Texas.
February 15, 2013 – The transaction closed and HGI received a 75% limited partnership interest and EXCO retained a 25% limited partnership interest. HGI and EXCO each owned 50% of the General Partner of EXCO/HGI Partnership. EXCO Resources managed the EXCO/HGI Partnership through an Operator Services Agreement.
March 5, 2013 – EXCO/HGI Partnership acquired additional assets from BG Group in the Danville, Waskom and Holly fields in East Texas and Northern Louisiana.
January 28, 2014 – Matthew K. Grubb was named President and CEO of the EXCO/HGI Partnership. The EXCO/HGI Partnership was subsequently renamed Compass Production Partners, LP.
October 31, 2014 – HGI Energy Holdings, LLC acquired the remaining 25% interest in Compass Production Partners, LP from EXCO Resources, Inc. Compass became a wholly owned subsidiary of HGI Energy.
December 1, 2015 – Compass Production Partners, LP sold its assets in Waskom, Danville and Holly fields in East Texas and Northern Louisiana to Indigo Minerals for $160 million in cash.
August 23, 2016 – Compass Production Partners, LP partnered with a new equity sponsor, Mountain Capital Partners, LP.