Cordero Energy Inc., Calgary, (Toronto: COR) has been formed from the combination of Esprit Energy Trust and Resolute Energy Inc. (Toronto: RSE) to develop Horseshoe Canyon coalbed-methane holdings in central Alberta.
Initially, Cordero will have total mineral leases encompassing 89,000 net acres (68,600 undeveloped), proved-plus-probable reserves of approximately 26.9 billion cubic feet equivalent of gas and production of approximately 4.2 million cubic feet of gas per day.
The company's management team consists of David Elgie, president and chief executive officer; Brian Lemke, executive chairman; Dean Setoguchi, chief financial officer; and Richard Gleasure, chief operating officer. All of the officers, directors and professional team have invested directly in the company.
Initial financing for the company was provided by a C$5.5 million private placement to management, employees and directors and interim credit facilities of C$15 million.
Genesis Gas & Oil LLC, Kansas City, Mo., has been formed through equity commitments of up to $70 million from affiliates of Greenhill Capital Partners LLC, Citigroup Private Equity and Cosco Capital Management LLC.
The company was founded by Nez Mohajir and Jeff Mohajir, Bob Behner, David Jensen and David Haddad. Previously, the team worked together as the senior technical management of Layne Energy Inc.
Prior to Layne, the Mohajirs and Behner were the senior management of Mohajir Engineering Group and Jensen and Haddad were with KLT Gas Inc. The team has focused on coalbed-methane and other unconventional resources in most of the major basins in the U.S.
Genesis will pursue coalbed-methane projects and other unconventional reserves in the Rockies.
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