A new Dallas-based exploration and production company,PetroCore LLC, was formed through more than $100 million in equity from Natural Gas Partners, through its NGP Natural Resources X LP fund, the company said May 15. PetroCore’s management team also helped raise the equity, the company added.
Mark Hiduke, Scott Lapierre, Colin O’Farrell and David Hall lead the company. They were former managers and technical specialists at Pioneer Natural Resources Co. (NYSE: PXD) and SM Energy Inc. (NYSE: SM), the company said. They have participated in more than $6 billion of acquisition and divestiture activity and have more than 60 years’ combined industry experience, the company added.
“Working with NGP has been a first-class experience. We believe that our diverse skill set together with the tremendous expertise and financial strength of NGP is the formula for creating significant value,” Hiduke said.
“NGP is excited and grateful to partner with the PetroCore team,” said Tomas Ackerman, managing director of Natural Gas Partners, said.
He added, “We are thrilled to work with an energetic and skilled team and welcome them into the NGP family.”
Irving, Texas-based Natural Gas Partners is a group of private-equity funds for the natural resources sector. It is part of NGP Energy Capital Management, a natural resources investment franchise.
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