Luxe Minerals LLC, which acquires mineral and royalty interests in the Midland and Delaware basins, Stack and Scoop, Eagle Ford, Bakken, Powder River and the Merge area, raised about $254 million of equity commitments from NGP through NGP Natural Resources XI LP and Luxe’s management team, according to a March 13 press release.
Austin, Texas-based Luxe Minerals will be led by the team of Luxe Energy, which divested Delaware Basin assets to Diamondback Energy Inc. (NASDAQ: FANG) for $560 million in September 2016, and received $524 million in equity from NGP and Luxe Energy management in October 2016.
Currently, Luxe Energy and Luxe Minerals seek investments in the same oily basins, the press release said.
Luxe Minerals co-founders A. Lance Langford and Jeff Larson have worked together for more than 25 years at Burlington Resources, Brigham Exploration and Statoil ASA (NYSE: STO).
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