Andros Capital Partners LLC closed a $150 million joint venture (JV) with Permian-focused Midland-Petro D.C. Partners LLC (MPDC) on Aug. 25, the Houston-based firm said in a company release.

MPDC is a private oil and gas company based in Midland, Texas, which has assembled a world-class position in the core of the Midland Basin, according to Andros Managing Partner Phillip A. Gayle Jr.

As part of the JV announced Aug. 25, Andros will fund approximately $150 million to participate in a development drilling program targeting the Spraberry and Wolfcamp formations in Midland County, Texas.

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