Capstone Natural Resources II LLC (Capstone II), a newly formed Tulsa, Okla.-based company, closed on a $100 million private-equity commitment, Lime Rock Partners said Dec. 4. Lime Rock Partners, Wells Fargo Energy Capital and members of management led the commitment, the company added.
Capstone II will be led by certain members of Capstone Natural Resources I (Capstone I) and Arena Resources Inc. Capstone I sold its Permian Basin properties in September to a private operator. Arena was sold to SandRidge Energy Inc. (NYSE: SD) for $1.6 billion in 2010.
The team includes Phil Terry, chairman; Pat McConn, CEO; Mike Willis, president and COO; Clint Brian, vice president of operations and Fred Schantz, vice president of land, the company said. Carl Piowaty, geology manager and Kim Nichols, controller, are also team members.
The management team will focus on Central Basin Platform of West Texas, which was the area of focus for both Capstone I and Arena, Lime Rock added.
"We are very excited about once again partnering with Lime Rock. Their expertise and knowledge of the oil and gas sector proved to be very instrumental in Capstone I. We also welcome the addition of Wells Fargo as an investor. The strong financial commitment and industry expertise of both partners will allow us to actively pursue acquisitions with a goal of building another successful company," said McConn.
Townes Pressler, Managing Director of Lime Rock Partners, added, "We are thrilled to be working together again with Pat and the team on Capstone II. We believe that the Capstone's team singular focus on the Central Basin Platform and technical expertise and deep relationships earned from that focus will allow the Capstone team to succeed again," said Townes Pressler, managing director for Lime Rock.
Lime Rock Management, based in Westport, Conn., has raised $5.5 billion in private-equity funds through Lime Rock Partners and Lime Rock Resources.
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