Boutique advisory firm PetroDivest Advisors LLC recently formed to provide A&D service to the small-cap market, the firm said.

PetroDivest aims to offer negotiated, sealed-bid A&D services to the upstream oil and gas industry with a focus on transactions valued at or below $20 million. The firm is an affiliate of Houston-based Detring Energy Advisors and works closely with the Detring team.

Detring is a mid-cap A&D advisor that has completed geologic, engineering, and petrophysical studies across most major U.S. basins totaling more than $2 billion since the company's establishment in September 2014.

PetroDivest Directors Jerry Edrington and Ken Reed. (Source: PetroDivest Advisors LLC)

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Through its affiliation with Detring, PetroDivest said it offers “the most technically sound divestiture process to the small-cap A&D market, ensuring value is maximized for our clients.”

The PetroDivest team is comprised of directors Jerry Edrington and Ken Reed. Edrington will focus on deal origination, marketing, and transaction negotiation for the firm and Reed will serve as director of deal execution.

Prior to joining PetroDivest, Edrington spent 30 years in the banking and real estate industry and the last 10 years as the head of business development for Craton Oil & Gas in Houston. He is active in many industry organizations and is a co-founder of ADAM-Houston.

Reed has more than 35 years of experience in exploration and production operations. He previously served as manager of client services for The Oil & Gas Clearinghouse where he focused on the online sale of mid-value negotiated transactions. Reed joined PetroDivest in August.