Private-equity firm Trilantic Capital Management LP (Trilantic North America) committed $250 million in equity for new E&P company TRP Energy LLC, the company said May 12.
Houston-based TRP develops nonoperated working interests in domestic onshore plays.
CEO Trent Foltz and President Randy Dolan will lead TRP. Previously, they led J.P. Morgan’s technical upstream A&D practice. They are petroleum engineers, the company added.
“We are excited to join Trilantic in this new venture. We see a lot of potential in this nonop strategy and are fortunate to be accompanied by a partner with such extensive oil and gas investment experience and a proven track record of success,” Foltz said.
Overall, New York-based Trilantic North America has committed about $2.8 billion to the energy sector. The equity for TRP Energy follows its recent investments in Ward Energy Partners and Fluid Delivery Solutions.
“We believe the combination of TRP’s nonop strategy, management’s unique skill set and the current macroenvironment creates a compelling opportunity to partner with top-tier operators in the development of their oil and gas projects,” said Glenn Jacobson, a partner at Trilantic North America. “We are thrilled to invest with the TRP management team and to execute on the exciting opportunities ahead.”
Trilantic was advised by Latham & Watkins LLP. TRP was advised by Sidley Austin LLP.
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