Newly formed Slant Energy II LLC on Feb. 24 secured a $90 million commitment from Pearl Energy Investments, a Dallas-based private equity firm which had previously supported the Slant management team’s previous venture.

“The Slant team has proven their ability to create value in multiple operating regions and through dynamic market conditions,” Billy Quinn, managing partner of Pearl, commented adding that the firm is excited to support Slant II “as the team capitalizes on areas of historic success.”

Slant I, which stood for south Louisiana and North Texas, had formed in 2016 with a $30 million equity commitment from Pearl.

Headquartered in Lafayette, Louisiana, Slant II will pursue acquisition and development opportunities focused primarily in the Permian Basin, North Texas and East Texas. The company was co-founded by CEO Stewart Stover and COO Jeff Etienne. 

Prior to Slant II, Stover, Etienne and existing Slant I management have demonstrated a successful track record acquiring, optimizing and developing upstream assets in various onshore basins, according to a company release.

“We are very appreciative of the ongoing support from Pearl,” Stover said in the release on Feb. 24. “We have had a great partnership and view this additional commitment as an opportunity to continue to execute our business plan.”

Kirkland & Ellis LLP served as legal adviser to Slant II and Sidley Austin LLP served as legal adviser to Pearl in connection with the formation of Slant II.

Pearl has $1.2 billion of committed capital under management. The firm focuses on the lower-to-middle market North American energy and sustainability sectors and typically targets opportunities requiring $25 million to $150 million of equity capital.