Independence Resources Management said March 31 that Warburg Pincus Private Equity XI LP and Warburg Pincus Energy LP provided it with a $500 million line of equity.

The Houston-based startup company will target Midcontinent and Rockies oil and gas acquisitions, initially focusing on the Anadarko Basin. The company seeks large amounts of hydrocarbons, low recovery factors and advanced drilling and completion for “compelling” risk-adjusted returns.

Independence Resource Management’s management team has more than 120 years’ collective experience in the industry.

CEO Mike Van Horn has almost 40 years of technical and commercial experience in conventional and unconventional plays. Most recently, he was senior vice president of exploration and then vice president of geoscience at Newfield Exploration Co. (NYSE: NFX).

"We are excited to have the support of Warburg Pincus, especially in the present commodity price environment, as we pursue the significant opportunity set we are seeing in our regions of interest. This investment will enable us to acquire a meaningful footprint in targeted plays and optimally delineate and develop that hydrocarbon resource over time," he said.