Lea Crump and Will Crump have formed Midland, Texas-based Crump Energy Partners LLC, an investment portfolio company of Houston-based energy private-equity investment firm Quantum Energy Partners, with initial equity commitments from Quantum Energy Partners V of $100 million.

Crump Energy will acquire, exploit and develop oil and gas properties in the Permian Basin, where Lea Crump has experience.

Crump is president and chief executive of Crump Energy and has spent his entire career operating in the Permian Basin. Initially, he worked as an engineer with Gulf Oil and Amoco before forming Crump Petroleum Corp. in 1983 and subsequently partnering with Mike Black for more than 10 years through BC Operating Inc.

Crump says, “Now is a great time to be approaching the market with dry powder. Through our partnership with Quantum, we have the financial flexibility to be able to execute quickly across a wide range of opportunities.”

Crump Energy will focus on acquiring mature conventional assets with recompletion and enhanced recovery potential and development-drilling opportunities. The company’s target deal size will range between $10- and $50 million, with the ability to execute on packages in excess of $200 million.

Quantum is an investment firm specializing in the energy industry with more than $5.5 billion in capital under management. It primarily targets investments in the oil and gas upstream, midstream and power sectors.