Torrent Oil & Gas LLC said Feb. 4 it has secured a private equity financing commitment and partnership with Natural Gas Partners (NGP).
Founded in 2015, Houston-based Torrent focuses on acquiring and redeveloping oil and gas assets within the Gulf Coast, East Texas and Ark-La-Tex Basins.
“In our view, this market presents unique opportunities to find and generate great value from underutilized assets," said Greg Wachel, CEO and president of Torrent, in a statement.
Torrent is led by Hilcorp Energy Co. veterans Wachel and Henri deLaunay, as executive vice president. The two have a combined 30 years of experience in the acquisition and management of oil and gas fields, according to the release.
Wachel is a former chief reservoir engineer and asset team leader of Hilcorp and deLaunay most recently worked in the company's land and business development groups.
The financing was through NGP's most recent private equity fund focused on natural resources and management, NGP Natural Resources XI LP.
Recommended Reading
Triangle Energy, JV Set to Drill in North Perth Basin
2024-04-18 - The Booth-1 prospect is planned to be the first well in the joint venture’s —Triangle Energy, Strike Energy and New Zealand Oil and Gas — upcoming drilling campaign.
From Tokyo Gas to Chesapeake: The Slow-burning Fuse that Lit Haynesville M&A
2024-03-01 - TG Natural Resources rides the LNG wave with Rockcliff deal amid shale consolidation boom.
NOG Closes Utica Shale, Delaware Basin Acquisitions
2024-02-05 - Northern Oil and Gas’ Utica deal marks the entry of the non-op E&P in the shale play while it’s Delaware Basin acquisition extends its footprint in the Permian.
Vital Energy Again Ups Interest in Acquired Permian Assets
2024-02-06 - Vital Energy added even more working interests in Permian Basin assets acquired from Henry Energy LP last year at a purchase price discounted versus recent deals, an analyst said.
California Resources Corp., Aera Energy to Combine in $2.1B Merger
2024-02-07 - The announced combination between California Resources and Aera Energy comes one year after Exxon and Shell closed the sale of Aera to a German asset manager for $4 billion.