Spicewood Energy Management LLC formally announced Jan. 23 the close of its drilling fund, the Spicewood Energy Fund II. The year-end, intangible drilling costs (IDC) -structured fund was formed and closed on Dec. 30, 2013, the company said. The closing came “at the request of several private partners,” the company added.
The Spicewood Energy Fund II (SEFII) was created to participate in nonoperated natural gas and oil wells across Texas and Louisiana, the company said.
Company president Waylan Johnson said of SEFII, “at the request of several private partners who were seeking quick year-end tax minimization strategies, we formed SEFII which will serve to provide them with an 80%-90% IDC tax write off for 2013 along with 15% tax free income."
Results from multiple prospects, in which the fund placed drilling monies, should be detailed in the next 60 days, the company said.
All working interest will be in wells that are drilled in time to qualify for tax benefits in the 2013 calendar year, the company said.
Johnson added, "It was quite encouraging when we went to the market place, utilizing some of our long standing relationships with other well-known oil and gas companies, the quality of drilling deals we were able to acquire for this fund. I believe we have created a nice diversified portfolio of oil and gas properties for our partners."
He then said Spicewood is still seeking capital for another fund, Spicewood Energy Fund I LP.
Spicewood Energy, based out of Spicewood, Texas, is a private equity management firm that acquires and finances oil and natural gas resources across the U.S.
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