Axia Energy II LLC closed the $200 million commitment from private-equity fund NGP Natural Resources XI, oil and gas investment manager Old Ironsides Energy LLC, and management, the company said March 11.
Denver-based Axia Energy II is the fourth company founded by Adam C. Sayers, its CEO, Daniel G. Blanchard, Thomas W. Dyk and Douglas R. Harris, the company added.
“We are very pleased with the partner group behind Axia Energy II and the financial strength and knowledge base they provide. We believe the timing of this close, given the current commodity price environment, positions us well to maximize the use of our new capital. We have a track record built on our operational expertise and we will evaluate opportunities where we can deploy this expertise,” said Blanchard.
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