It's not every day that a 30-year E&P veteran, no matter how well respected, gets $1 billion of private equity to spend. Denver-based Don Wolf is one of the fortunate few. Armed with capital from Quantum Energy Partners, as well as additional money from management, he is the chief executive of Quantum Resources LP, which will be a year old this August. So far, the firm has deployed about $500 million of that, with the main acquisition being Jay Field near Pensacola, Fla., and having 40 million barrels of oil equivalent. Quantum now has 2,000 wells making about 7,000 to 8,000 barrels of oil per day. "Our goal is to acquire and develop long-life, legacy assets of some size-of $250 million or better," he told Houston Producers' Forum members recently. "We aggressively hedge to insure our base-case returns for four to seven years." Wolf grew Westport Resources Corp. from $100 million in value to more than $2 billion when it was sold to Kerr-McGee Corp. Now he is sharing the lessons he has learned from building that and several other E&P companies. For more on this, see the June issue of Oil and Gas Investor. For a subscription, call 713-260-6441.