Post Oak Energy Capital LP committed a $150 million line of equity to CP Exploration II LLC, the company said July 28. The equity was provided through investment partnerships that it manages, Post Oak added.
The commitment will support CP Exploration’s acquisitions and growth capital, the company said, noting that it is a new oil and gas company dually based in Dallas and Lafayette, La.
Its CEO is Tom Powell, and it has operated assets in East Texas and the Fort Worth Basin, Post Oak added.
"CP Exploration has a deep and proven multidisciplined technical team," said Frost Cochran, Post Oak’s managing director.
"We believe Tom and his team will continue to generate outstanding returns as they have done on numerous occasions throughout their career," he added.
"I am delighted to have an equity partner with extensive energy industry experience," said Powell.
"This equity commitment will give CPX II's team the necessary resources to pursue our acquisition-driven plan, focused on developing new upstream assets through the drillbit," he added.
Post Oak Energy Capital LP, an energy-focused private investor, is based in Houston.
Recommended Reading
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
Exxon Shale Exec Details Plans for Pioneer’s Acreage, 4-mile Laterals
2024-05-03 - Exxon Mobil plans to drill longer, more capital efficient wells in the Midland Basin after a major boost from the $60 billion Pioneer Natural Resources acquisition. Data shows that Exxon is a leading operator drilling 4-mile laterals in the Permian’s Delaware Basin.
Infrastructure Company Savage Acquires Houston’s Texon
2024-05-03 - Texon, a midstream service provider, will continue operations under its legacy brand.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Pitts: US, Qatar Face off in LNG ‘Olympics’
2024-05-03 - In the LNG exporting space, the U.S. is squaring off with its fiercest competitor, Qatar, with both countries expected to outpace Australia