Triumph Energy Partners was formed by the former team of Plymouth Exploration LLC with $100 million in equity from Kayne Anderson Energy Funds, Kayne Anderson Capital Advisors LP said July 10. Members of Triumph’s management team also contributed, Triumph said. The company was formed after Midcontinent assets in Grant and Garfield counties, Okla., were divested.
CEO Jack Kueser leads Triumph with Joel Blake, Kyle Hill and Kerby Hunt; they were all the core senior management team at Plymouth, which acquired about 30,000 net acres in Grant and Garfield counties, and drilled more than 60 horizontal Mississippi Lime and Woodford Shale wells. Several hundred future drilling locations were thus de-risked, and the Mississippi and Woodford assets were sold to SK Innovation for $300 million on June 30, 2014.
“Triumph Energy Partners is extremely pleased to continue our relationship with Kayne Anderson, which has been an integral factor in our success. We are highly optimistic about the forthcoming opportunities in the Midcontinent region. Triumph’s reentry point in the market is not only well positioned for acquisitions, but for joint development of resource plays that require capital deployment and a seasoned management group to deliver low-cost results,” Kueser said.
“We look forward to furthering our partnership with such an accomplished management team with an outstanding track record of acquiring, operating and developing oil and gas assets, and the continued success of Triumph’s next venture,” said Mike Heinz, managing partner at Kayne Anderson.
Triumph Energy Partners is based in Tulsa, Okla., and focuses on the Midcontinent.
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