Swordfish Energy Holdings LLC has closed a commitment from private-equity firm Pearl Energy Investments as the E&P seeks to make deals in the Permian Basin. The size of the commitment wasn’t disclosed.
Houston’s Swordfish, a partnership led by CEO Marcos Briceno and CFO Patrick Sherman, are fresh off the sale of Advance Energy Partners Holdings LLC’s Delaware Basin assets to Matador Resources Co. for $1.6 billion. Advance Energy was backed by EnCap Investments LP.
Swordfish will look to grow a new position through a combination of asset acquisitions, farm-ins, joint ventures and development partnerships targeting operated and non-operated leasehold and mineral interests, according to a May press release.
“This is an exciting time to be well-capitalized and pursuing new opportunities,” Briceno said. “We look forward to leveraging our technical and operational expertise combined with Pearl’s financial strength and opportunistic investment style to move quickly and capture high quality producing assets and undeveloped horizontal acreage.”
Billy Quinn, Pearl’s founder and managing partner, said Briceno and Sherman bring years of experience successfully originating, developing and monetizing assets in the Permian Basin “through a private equity lens.”
“We expect their differentiated approach to create successful outcomes even in competitive basins,” Quinn said.
Pearl has $1.9 billion of capital under management and typically targets opportunities ranging from $25 million to $150 million.
Vinson & Elkins LLP served as legal adviser to Swordfish. Sidley Austin LLP served as legal adviser to Pearl in connection with the formation of Swordfish.
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