Grenadier Energy Lands EnCap Commitment Following Midland Basin Sale

The commitment will be used to continue Grenadier Energy’s strategy to acquire, develop and exploit assets, which The Woodlands, Texas-based E&P company says it has employed successfully through multiple iterations.

Grenadier Energy Lands EnCap Commitment Following Midland Basin Sale

Grenadier Energy plans to target acquisitions in the Lower 48 with its initial equity commitment of $350 million from EnCap Investments. (Source: Shutterstock.com)

Grenadier Energy secured additional funding from longtime partner, EnCap Investments LP, on July 21 to continue its strategy of acquiring, developing and exploiting assets.

In a company release, Grenadier said it will use an initial $350 million equity commitment from EnCap closed in June to target acquisitions in the Lower 48. The company, led by CEO Patrick J. Noyes, noted in the release it had successfully employed this strategy through multiple iterations, most recently through the sale of a Midland Basin position to Surge Energy US Holdings Co. for $420 million.

“The Grenadier team has a proven track record of acquiring high quality assets and developing them effectively to build attractive businesses of scale,” commented Noyes in the release.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.