Bravo Natural Resources, LLC, a new E&P company focused on conventional and unconventional onshore North American acquisitions, was created by Natural Gas Partners (NGP) and Bravo’s management team with a $200 million equity commitment. The equities came from Bravo’s most recently closed fund, NGP Natural Resources X, LP and Bravo’s management team, the company said Dec. 20.
Charlie Stephenson, Bravo’s CEO, worked with NGP to build and sell four Midcontinent-based companies, the company said.
The rest of Bravo’s executive team—president and chief operating officer Robert Schaffitzel, and chief financial officer Trent Richey—came to Bravo from other energy companies, but are known to Stephenson.
“We have worked with NGP for more than 15 years, with each investment providing superior returns for our shareholders. Robert, Trent and I, together with the entire Bravo team, look forward to another highly successful venture with NGP,” Stephenson said.
“NGP is excited and grateful to partner with Charlie yet again,” Kenneth Hersh, CEO of NGP, said. “We have known Robert Schaffitzel and Trent Richey for years and are excited to welcome them into the NGP family,” Hersh added.
NGP, founded in 1988, puts private equity funds into the natural resources sector. It is headquartered in Irving, Texas and is part of the investment platform of NGP Energy Capital Management.