In her quest to turn purchases into profits, Lisa Stewart, chief executive of Houston-based Sheridan Production Partners, focuses on making what’s old new again.

"Our strategy is simple: We like old assets. We like mature and declining assets for mature and declining people," she quipped at Hart Energy's A&D Strategies And Opportunities conference on Aug. 30 in Dallas.

"It's about the predictability, and so our strategy is pretty simple: We take the equity from our institutional investors and match it with a little bit of debt. We hedge as much ...