Battlecat Oil & Gas LLC secured up to $220 million in equity commitments from funds managed by Lime Rock Partners, Wells Fargo Energy Capital and the company’s management team, Lime Rock said Dec. 2.
Battlecat will focus on exploration and production (E&P) in South Texas, and members of the management team have worked in the region since the late 1980s, the company added, noting that they have a combined total industry experience of more than 200 years.
Managing directors Mark Semmelbeck and Kurt von Plonski most recently were the founding partners at Escondido Resources II, the company said.
“The Battlecat team has been involved with South Texas unconventional exploitation since its inception, and we look forward to applying that experience to build a successful business with our investment partners,” Von Plonski said.
“We have leased a significant position in the oil window of the Eagle Ford and are excited to kick off our drilling program in early 2015. Lime Rock and we share similar strategic ideas on how to navigate competitive pressures and market challenges to create value in this exciting play,” Semmelbeck said.
“The Battlecat team combines everything we look for in an E&P team: they are basin specialists, technical leaders in drilling and completion in their focus area, proven entrepreneurs, and great partners with everyone they’ve worked with. It’s a privilege to be partnering with them, and we are excited about launching our efforts in the field,” James Wallis, director of the Lime Rock Partners team, said.
Lime Rock Management, based in Westport, Conn., has raised $5.5 billion in private-equity funds through Lime Rock Partners and Lime Rock Resources.
Houston-based Battlecat Oil & Gas LLC acquires and develops oil and natural gas assets.
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