EnergyNet received a strategic investment from MPK Equity Partners of Dallas, the Amarillo, Texas-based company said March 24. The amount of the funding wasn't disclosed.
EnergyNet said the new funding will support the company's efforts to further expand its leadership position in oil and gas A&D services and the online energy marketplace.
"Our entire management team and I view this partnership with MPK as a historic milestone in the evolution and growth of our company, and we are very excited to welcome them to the EnergyNet family," Bill Britain, EnergyNet's CEO and chairman, said in a statement.
EnergyNet's web-based platform offers an alternative to traditional auctions and investment bank-led sale processes and provides sellers the opportunity to reach nearly 20,000 unique bidders across the U.S., according to the release.
"Our competitive solution combines world-class technology with deep energy industry knowledge to create the most efficient and effective marketplace to buy and sell oil and gas assets," Britain said. "With the additional resources MPK provides, we are even better positioned to innovate and deliver superior results for our customers."
MPK Equity Partners is led by Patrick K. McGee and Douglas L. Kennealey, who were formerly with former Brazos Private Equity Partners, and H. Ross Perot Jr.
MHT Partners LP was exclusive adviser to EnergyNet for the investment.
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