Vortus Investment Advisors LLC said April 19 it has formed Stateline Operating LLC, an operating and development joint venture (JV) focused in the Permian Basin between Vortus and Flat Creek Resources.

Headquartered in Fort Worth, Texas, the Stateline JV will be managed by Flat Creek with an initial focus on the development of its existing oil-rich assets in New Mexico’s Eddy County in the Delaware Basin. Terms of the JV transaction weren’t disclosed.

In a statement commenting on the partnership, Stateline CEO Mike McCracken said, “We are excited to partner with Vortus to develop one of the most economic plays in the United States with a focus on environmentally responsible operations.”

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