• Berry Petroleum Co., Bakersfield, Calif., (NYSE: BRY) plans to form an MLP of its long-lived oil and gas properties and is expected to raise $125- to $175 million in its IPO.

Berry plans to use proceeds to pay debt and to accelerate certain development projects. The company's assets include properties in California, the Rockies and Midcontinent. Proved reserves as of Dec. 31 were 150.3 million BOE.



• Houston-based, privately held EnCap Investments LP and portfolio company Escondido Resources LP have formed Escondido Resources II LLC.

Escondido Resources II will acquire and exploit oil and gas properties primarily in South Texas and the Permian Basin. Escondido I recently sold its South Texas assets to Swift Energy Co., Houston, (NYSE: SFY) for $249.5 million, involving 77 billion cu. ft. equivalent proved.

Escondido management includes William E. Deupree, Mark Semmelbeck and Kurt von Plonski. Deupree is president, Semmelbeck is vice president, engineering, and von Plonksi is vice president, operations. Escondido II will be funded by a capital commitment from EnCap Energy Capital Fund VII and management.



• Rosetta Resources Inc., Houston, (Nasdaq: ROSE) has named Randy L. Limbacher president and chief executive. He was president, E&P Americas, for ConocoPhillips, Houston (NYSE: COP). Prior to the acquisition by ConocoPhillips in 2006, he was executive vice president and chief operating officer for Burlington Resources. His position at ConocoPhillips will not be filled and the organization under this position will be moved directly under executive vice president, E&P, John Lowe.

Limbacher replaces Rosetta chairman, CEO and president Bill Berilgen, who resigned in July and is now on the board of Contango Oil & Gas Co., Houston (Amex: MCF). Charles Chambers was acting Rosetta CEO and will resume his previous position as executive vice president, corporate development.



• Upstream MLP Vanguard Natural Resources LLC, Houston, has priced its IPO of 5.25 million units at $19 each on NYSE Arca as VNR, for a total raise of up to $99.8 million. This is the lower end of the expected price range which was $19 to $21. At press time, the units were trading at $16.65 each.

Citigroup Global Markets Inc. was joint-lead manager and Lehman Brothers, A.G. Edwards, Wachovia Securities, Jefferies & Co. and BNP Paribas were managers. The underwriters may purchase up to 750,000 units as overallotment, which will bring the total raise to $114 million.

Owning 100% of VNR are Vinland Energy Eastern LLC and Majeed S. Nami. They will hold a combined 29.7% partnership interest in the roll-out. VNR is a holding company, and its operating assets are owned directly or indirectly by subsidiary Vanguard Natural Gas LLC.

VNR has mature, long-lived properties in the southern Appalachian Basin, primarily southeastern Kentucky and northeastern Tennessee. As of June 30, it held working interests in 891 gross (805 net) producing wells and had average net production of 11.9 million cu. ft. equivalent per day.

It also holds 40% working interest in some 95,000 gross undeveloped acres near its producing assets. Proved reserves as of March 31 were 66.7 billion cu. ft. equivalent (98% gas; 75% proved developed; 15-year life). Proceeds will be used to pay debt; make distributions to Nami, management and private investors; and fund working capital.



• Houston-based Forum Oilfield Technologies Inc. has filed an S-1 to IPO an undetermined number of shares for an undetermined price per share for a total raise of up to $345 million on the New York Stock Exchange as FOT. Credit Suisse and JPMorgan are underwriters.

The company will use proceeds to pay debt from its U.S. revolving credit facility used to fund its acquisitions of Oilfield Bearing Industries and TriPoint Energy Services and for general corporate purposes, including other potential acquisitions.

Charles E. Jones is president and chief executive. He was executive vice president and chief operating officer of Hydril Co. James W. Harris is executive vice president and chief financial officer. He was a vice president at VeriCenter Inc. and Enron Corp.

Forum Oilfield designs, manufactures and supplies drilling and flow-control products. The assets include products consumed in oil and gas drilling and production operations and capital products directed at rig refurbishment, upgrade and new construction projects.



• Overland Park, Kan.-based Tortoise Gas & Oil Corp. has filed an N-2 to IPO an undetermined amount of shares for an undetermined price per share for a total raise of up to $75 million on the New York Stock Exchange as TGO. Wachovia Securities, Stifel Nicolaus, Lehman Brothers, BB&T Capital Markets, Ferris, Baker Watts Inc. and Wunderlich Securities Inc. are joint book-running managers.

Tortoise Gas & Oil is a non-diversified closed-end management investment company that will invest in privately held companies and publicly traded MLPs operating primarily in the upstream, and to a lesser extent the midstream segment. Since inception, the company has made or committed to investments totaling $76.8 million in 10 portfolio companies.

Tortoise Gas & Oil will use proceeds to pay off an anticipated secured credit facility, invest in energy companies and for working capital.

Investment advisor Tortoise Capital Advisors LLC will be manager. The advisor also manages Tortoise Energy Infrastructure Corp. (NYSE: TYG), Tortoise Energy Capital Corp. (NYSE: TYY), Tortoise North American Energy Corp. (NYSE: TYN), Tortoise Capital Resources Corp. (NYSE: TTO) and two privately held funds.

David J. Shulte is president and chief executive. Terry C. Matlack is chief financial officer. Zachary A. Hamel is senior vice president. Kenneth P. Malvey is senior vice president. All four are managing directors of Tortoise Capital Advisors.



• Denver-based investment-banking firm W. G. Nielsen & Co. has named John M. Falbo senior energy specialist. He was director of an energy investment-banking boutique and senior vice president, energy banking, for Compass Bank, both in Denver. Falbo also held energy-finance management positions in Houston with Credit Lyonnais Americas and Bank One.

W.G. Nielsen president Wayne G. Nielsen says, "(We are) expanding for the increased volume of energy industry M&A and capital advisory assignments, and we are proud to add a banker of John Falbo's caliber to our team."



• SMH Capital Markets, a division of Sanders Morris Harris Group, Houston, (Nasdaq: SMHG) has named Frederic L. Saalwachter managing director and head of energy investment banking. He was a senior energy banker there from 1998-2006, and was a managing director at Canaccord Adams.



• Houston-based Petrobridge Investment Management LLC has closed four financings this year for more than $175 million.

PRC Willston LLC, a subsidiary of Petro Resources Corp., Houston, (Amex: PRC) received a $75-million senior secured credit facility to acquire and develop assets in North Dakota in February. Baseline Oil & Gas Corp., Houston, (OTCBB: BOGA) closed a $75-million senior secured credit facility to acquire and develop assets in Texas and Indiana in April. Texas-based DB Barnett LP received an undisclosed financing to acquire North Texas royalties in June. Texas-based Page Resources LLC received a $25-million senior secured credit facility to develop assets in West Texas in October.

Petrobridge has closed 29 transactions for a total of more than $850 million since being formed in April 2003.