PetroCap announced Feb. 19 the final closing of PetroCap Partners II LP at its hard cap of $350 million.
PetroCap Partners II allows the Dallas-based firm to continue its 23-year history of direct oil and gas working interest investments.
PetroCap Partners II seeks to invest in onshore basins in the lower 48 states with a targeted investment size of $20-70 million per project. In addition, PetroCap seeks to partner with operating teams to develop projects in the U.S. E&P market.
The firm said PetroCap Partners II closed on Dec. 23. The fund is more than double the size of its predecessor, Falcon E&P Opportunities Fund LP, which closed on $163 million in 2011.
“We are pleased to have completed the successful fund raise of PetroCap Partners II,” said Lane Britain, a managing director at PetroCap, in a statement. “We are appreciative of the ongoing support of our past investors and welcome our new investors. We are thankful for the continued confidence they have placed in our firm."
"We are excited about the opportunity to deploy this new capital on behalf of our long-term investors," said Alec Neville, a managing director at PetroCap, in a statement. "The E&P sector is going through a challenging time, but we are confident that our deep technical and operating expertise will allow us to find valuable opportunities in this portion of the commodity cycle."
Recommended Reading
Trio Petroleum to Increase Monterey County Oil Production
2024-04-15 - Trio Petroleum’s HH-1 well in McCool Ranch and the HV-3A well in the Presidents Field collectively produce about 75 bbl/d.
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.
E&P Highlights: March 11, 2024
2024-03-11 - Here’s a roundup of the latest E&P headlines, including a new bid round offshore Bangladesh and new contract awards.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.
Exxon Ups Mammoth Offshore Guyana Production by Another 100,000 bbl/d
2024-04-15 - Exxon Mobil, which took a final investment decision on its Whiptail development on April 12, now estimates its six offshore Guyana projects will average gross production of 1.3 MMbbl/d by 2027.