PetroEdge Energy IV LLC received $150 million in capital from private-equity firm Post Oak Energy Capital, Post Oak said April 16. PetroEdge’s management team will also invest, the company added.
PetroEdge is the fourth iteration of the Houston oil and gas company, Post Oak said. It will continue to acquire and develop similar assets. Most recently, it acquired, developed and sold a Lower Eagle Ford (Maness) acreage position in Brazos and Burleson counties, Texas.
Larry Richard is PetroEdge’s president and CEO. Larry Buchanan is executive vice president of operations. Jack Ward is executive vice president of E&P. Mark Malinski is CFO. The team has been previously backed by Post Oak, Goldman Sachs and EnCap. Prior to forming PetroEdge, the team held senior positions at Halliburton Co. (NYSE: HAL), Pennzoil, Texaco, Petroleum Geo-Services ASA (OTC: PGEJF) and Southland Royalty.
Since 2004, the team has built and sold three oil and gas companies. The team has a proven track record in the geologic assessment, drilling and completion of horizontal wells in shale plays. The company has deep knowledge of conventional and unconventional oil and gas development.
"PetroEdge is a very experienced, regionally focused management team with a solid track record," said Post Oak managing director Frost Cochran. "Re-upping with another capital commitment with a proven team is consistent with our investment philosophy."
Post Oak Energy Capital is also based in Houston.
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