Black Mountain Oil & Gas LLC closed a $150 million equity commitment from Natural Gas Partners (NGP) and formed a partnership, the company said Feb. 10.
NGP's Natural Resources XI LP natural resources-focused private-equity fund provided the commitment.
Black Mountain’s management team combines expertise in geology, engineering, land and A&D in conventional and unconventional oil and gas reservoirs. The company currently focuses on the Delaware Basin, but also works in other producing regions.
Black Mountain Oil & Gas LLC is based in Fort Worth, Texas. Natural Gas Partners is based in Irving, Texas.
Enterprise paid the first installment of $1.15 billion, and the final $1 billion payment is due on the first anniversary of closing date. The transaction’s effective date is July 1.
Native Exploration will pursue acquisitions of oil and gas assets with scalable exploitation and development upside in the Midcontinent region, specifically in Oklahoma.
Pinnacle also began construction of a crude oil stabilization facility capable of stabilizing up to 5,000 barrels per day, which could be expanded as needed to meet customer demand.