PetroEdge Energy IV LLC received $150 million in capital from private-equity firm Post Oak Energy Capital, Post Oak said April 16. PetroEdge’s management team will also invest, the company added.
PetroEdge is the fourth iteration of the Houston oil and gas company, Post Oak said. It will continue to acquire and develop similar assets. Most recently, it acquired, developed and sold a Lower Eagle Ford (Maness) acreage position in Brazos and Burleson counties, Texas.
Larry Richard is PetroEdge’s president and CEO. Larry Buchanan is executive vice president of operations. Jack Ward is executive vice president of E&P. Mark Malinski is CFO. The team has been previously backed by Post Oak, Goldman Sachs and EnCap. Prior to forming PetroEdge, the team held senior positions at Halliburton Co. (NYSE: HAL), Pennzoil, Texaco, Petroleum Geo-Services ASA (OTC: PGEJF) and Southland Royalty.
Since 2004, the team has built and sold three oil and gas companies. The team has a proven track record in the geologic assessment, drilling and completion of horizontal wells in shale plays. The company has deep knowledge of conventional and unconventional oil and gas development.
"PetroEdge is a very experienced, regionally focused management team with a solid track record," said Post Oak managing director Frost Cochran. "Re-upping with another capital commitment with a proven team is consistent with our investment philosophy."
Post Oak Energy Capital is also based in Houston.
Recommended Reading
Permian E&P Midway Energy Partners Secures Backing from Post Oak
2024-02-09 - Midway Energy Partners will look to acquire and exploit opportunities in the Permian Basin with backing from Post Oak Energy Capital.
Enbridge Advances Expansion of Permian’s Gray Oak Pipeline
2024-02-13 - In its fourth-quarter earnings call, Enbridge also said the Mainline pipeline system tolling agreement is awaiting regulatory approval from a Canadian regulatory agency.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.