The private-equity firm Quantum Energy Partners and the investment firm Tug Hill Inc. formed a partnership focused on acquiring and developing oil and natural gas assets in North America, Quantum said Aug. 21.
Both firms committed a total of $450 million in initial equity, Quantum added.
To date, Tug Hill has participated in more than 750 wells in the Marcellus since its 2007 founding, Quantum said. In that year, Tug Hill partnered with Dallas-based Chief Oil & Gas to build a land position of more than 600,000 acres in the Marcellus, the company added.
Michael G. Radler founded Tug Hill and is its president and CEO, Quantum noted.
"We are delighted to be partnering with Michael Radler, who is a world-class oil and gas entrepreneur and is supported by an exceptional team at Tug Hill. Michael has an outstanding track record of building and monetizing oil and gas companies over his more than-30-year career, and we believe this experience will enable him to deliver superior opportunities and results in our new partnership," said Wil VanLoh, president and CEO of Quantum.
"Establishing the partnership with Quantum uniquely positions Tug Hill to take advantage of a number of exciting exploration and development opportunities throughout the United States," said Radler.
"Tug Hill wanted to find a partner that is committed to adding long-term value, has an entrepreneurial culture, is able to navigate the capital markets and shares a common view on energy investing; we found all of these attributes with Quantum. Together, Tug Hill and Quantum bring a strong combination of technical, operating and financial skills that will allow the partnership to execute on a number of attractive opportunities in capital-intensive shale plays and conventional fields," he added.
Quantum Energy Partners is based in Houston.
Tug Hill Inc. is based in Fort Worth, Texas.
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