PCORE Exploration & Production II LLC raised $200 million of equity commitments from Natural Gas Partners (NGP), the company said Feb. 1. The equity was raised through NGP Natural Resources XI LP, the most recent natural resources-focused fund, and PCORE II’s management team.
Dallas-based PCORE II develops core unconventional oil in North America and is led by Mark Hiduke, David Hall, Colin O’Farrell and Billy Hannes. Previously, they led PCORE Exploration & Production LLC, founded in May 2014.
Prior to that they were managers, technical specialists and attorneys at Pioneer Natural Resources Co. (PXD), SM Energy Co. (SM) and Norton Rose Fulbright. The team has participated in more than $6 billion of A&D activity and has more than 60 years’ combined industry experience.
“NGP is excited and grateful to once again partner with the PCORE team,” Craig Glick, senior managing director of NGP, said. “We are thrilled to continue working with such an energetic and skilled team and could not be happier to have them in the NGP family.”
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