Atlantic Operating LLC has closed on a $150 million commitment of equity capital from Natural Gas Partners through its recently closed fund, NGP Natural Resources X L.P.
In addition to the commitment from NGP, Atlantic acquired working interests in producing wells and acreage from over 20 existing working interest owners in Atlantic-operated properties in exchange for membership interests in the newly formed company.
Atlantic is a Midland, Texas-based company, the predecessor of which was founded by its CEO Richard Jennings in 1998. To date, Atlantic has amassed over 20,000 net acres in the southern Delaware Basin. The company will continue to focus on the vertical and horizontal development of its acreage in Reeves, Ward and Pecos counties, Texas, as well as the growth of its land base in these counties.
“This partnership with NGP will allow Atlantic to accelerate the drilling and development of our Delaware Basin assets in a timely fashion,” said Rick Jennings, CEO of Atlantic.
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