Post Oak Energy Capital LP committed a $150 million line of equity to CP Exploration II LLC, the company said July 28. The equity was provided through investment partnerships that it manages, Post Oak added.
The commitment will support CP Exploration’s acquisitions and growth capital, the company said, noting that it is a new oil and gas company dually based in Dallas and Lafayette, La.
Its CEO is Tom Powell, and it has operated assets in East Texas and the Fort Worth Basin, Post Oak added.
"CP Exploration has a deep and proven multidisciplined technical team," said Frost Cochran, Post Oak’s managing director.
"We believe Tom and his team will continue to generate outstanding returns as they have done on numerous occasions throughout their career," he added.
"I am delighted to have an equity partner with extensive energy industry experience," said Powell.
"This equity commitment will give CPX II's team the necessary resources to pursue our acquisition-driven plan, focused on developing new upstream assets through the drillbit," he added.
Post Oak Energy Capital LP, an energy-focused private investor, is based in Houston.
Recommended Reading
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.