Upstream company Alta Mar Energy LLC is closing an equity commitment from investment funds managed by Carnelian Energy Capital Management LP, according to a July 11 news release.

Alta Mar, based in Houston, Texas, and led by Will Sims, Thomas Kastner, Rowland Burno and Ben Heller, will use its decades of expertise to build an exploration, development and production portfolio in the Gulf of Mexico (GoM).

“With a flexible mandate and significant financial backing, Alta Mar is ideally positioned to be a value-added, full-cycle partner for operators across [the Gulf of Mexico].”

Dillon MacDonald, a Carnelian Principal, said the GoM is “ripe for new capital, teams and ideas” to keep the global energy supply sustained, especially with the last decade’s innovations in subsurface imaging and extraction technology. “The Alta Mar team has the right capabilities, experience and relationships to capitalize on this compelling opportunity,” he said.

Carnelian Energy Capital is based in North America, with $2.9 billion in cumulative capital commitments. 

Gibson, Dunn & Crutcher LLP advised Alta Mar's management team in connection with Carnelian’s equity commitment.