Sierra Resources LLC is launching a new venture targeting acquisitions in the Eagle Ford's dry gas window with financial backing from Post Oak Energy Capital LP.
Energy-focused Post Oak said Aug. 22 it committed $100 million of equity to Sierra's subsidiary, Sierra EF LP. Affiliates of GSO Capital Partners LP and the Sierra management team also have contributed capital to the company and will continue to invest alongside Post Oak.
Sierra is a Houston-based private E&P founded in 1996. The company has experience operating in many onshore basins, but most recently began focusing on acquiring and developing unconventional assets in the Eagle Ford Shale in South Texas, according to Post Oak's press release.
The Sierra team is led by industry veterans: John Eads as president; John C. Eads as CFO; John T. Campbell as COO; Robert S. Fabris as executive vice president of land and business development; and John H. Kelly as executive vice president of engineering.
“Having known the team at Sierra for decades, Post Oak is excited to partner with Management and GSO to target the dry gas window of the Eagle Ford Shale,” Frost Cochran, Post Oak's managing director, said in a statement. “Management has an impressive track record of investing in and operating across a number of basins across the country, and is well positioned for success in the highly-economic Eagle Ford Shale play.”
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