Houston Oil Firm Lands $500 Million Backing For Nonop Deals

Houston-based Glendale Energy Ventures formed a $500 million partnership with TPG Sixth Street Partners to acquire nonop oil and gas properties throughout the U.S. 

Houston Oil Firm Lands $500 Million Backing For Nonop Deals

Glendale Energy Ventures has already deployed $55 million of the funds for acquisitions of nonoperated interests in drilling pads located in Oklahoma’s Stack play. (Source: Shutterstock.com)

Glendale Energy Ventures LLC partnered with a San Francisco-based investment firm TPG Sixth Street Partners on June 12 to fund nonop acquisitions.

The partnership includes an initial $500 million in capital commitments. Glendale said in a release the partnership has already deployed $55 million of the funds for the acquisition of nonoperated interests in drilling pads located in Oklahoma’s Stack play. The remaining capital will be used to acquire and develop upstream oil and gas assets across the U.S.

Glendale is a private oil and gas company based in Houston. Led by industry veterans Brent Grundberg and Vignesh Proddaturi, the company focuses on de-risked U.S. onshore resource plays through asset level acquisitions, drilling joint ventures and farm-ins.

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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.