Fortuna Resources Holdings LLC said May 10 it has received a $75 million investment from certain affiliates of Och-Ziff Capital Management Group LLC (NYSE: OZM).
The investment, which has an option to increase to $150 million, is focused on expanding Houston-based Fortuna's activities in the West Texas Permian Basin. Opportunities could include acreage and asset acquisitions and subsequent development.
The Fortuna management team has substantial experience working in the Permian Basin, with a demonstrated history of acquiring and exploiting multiple oil and gas assets in the Delaware Basin and Central Basin Platform, according to the release.
Aaron Davis, Fortuna's CEO, is a petroleum engineer and was most recently with Occidental Petroleum Corp. (NYSE: OXY) where he oversaw multiple Permian drilling and leasing programs, the release said.
With offices in New York and Houston, Och-Ziff has invested more than $1.5 billion in private energy investments since 2005.
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