Canyon Creek Resources LLC received a $75 million capital commitment from an affiliate of ArcLight Capital Partners LLC, Canyon Creek Resources said April 2.
Canyon Creek Resources and ArcLight formed Canyon Creek Energy Partners LLC in connection with the commitment, Canyon Creek Resources added.
Canyon Creek Energy Partners will acquire and develop Midcontinent oil and natural gas assets, Canyon Creek Resources noted.
"We are pleased to partner with ArcLight, whose strong financial support and energy industry expertise will be instrumental to our success. We have formed an exceptional management team and ArcLight's support will allow us to focus aggressively on our development strategies," said R. Luke Essman, president and CEO of Canyon Creek Resources.
"We're excited about our relationship with Canyon Creek and the prospects of this partnership," said Mark Bisso, a principal at ArcLight.
Bisso added, "They have assembled a top-tier management team and the company is very well positioned to leverage its acquisition and development experience in the Midcontinent region."
Tulsa-Okla. based Canyon Creek Resources LLC acquires and develops Midcontinent oil and natural gas assets.
Boston-based ArcLight Capital Partners LLC is a private-equity firm focused on North American energy assets.
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