?• Dallas private-equity firm HM Capital Partners LLC has invested in Houston-based SunTerra Resources LLC, a newly formed E&P company focusing on underbalanced horizontal drilling on acreage with proven producing reserves. Terms of the transaction were not disclosed. SunTerra plans to drill on acreage currently controlled by other HM Capital portfolio companies, including BlackBrush Oil & Gas and TriDimension Energy.
The SunTerra management team includes chief executive Jim Hughes; Bob Cuthbertson, vice president, engineering; Dale Cunningham, vice president, drilling services; and Rodney Bray, chief financial officer. The management team is investing alongside HM Capital in the transaction. Rodman & Renshaw LLC’s Rodman Energy Group advised SunTerra.

• Dallas-based Caiman Energy LLC has closed on a private equity commitment from EnCap Energy Infrastructure Fund LP, a recently formed private equity fund managed by EnCap Investments and Flatrock Energy Advisors. Caiman plans to develop a portfolio of midstream greenfield and acquisition projects in emerging resource plays and traditional producing areas of Texas, Louisiana and the Midcontinent. Caiman is led by Jack Lafield as president and chief executive and Danny Thompson and Rick Moncrief, who represent a combined 93 years of experience in the midstream industry. Lafield was executive vice president, corporate development, for Crosstex Energy. Thompson was senior vice president, operations and engineering, for Crosstex. Moncrief was executive vice president and chief operating officer for Regency Energy Partners.

• Anadarko Petroleum Corp., Houston, (NYSE: APC) has named Al Walker chief operating officer. He was senior vice president, finance, and chief financial officer, and remains chairman of Western Gas Holdings LLC, the general partner of Western Gas Partners LP, a midstream MLP controlled by Anadarko.
Karl Kurz has resigned as COO to pursue other interests. Robert G. Gwin was named senior vice president, finance, and CFO. He was senior vice president.

• GMX Resources Inc.’s (Nasdaq: GMXR) largest shareholder, Centennial Energy Partners LLC, has sent the East Texas producer a letter requesting that it begin to evaluate strategic options. GMX shares are down 72% year to date, precipitating the request by Peter Seldin, representative of Centennial, which holds a 15% stake in the Oklahoma City E&P firm.
In response, GMX says, “The company’s board of directors will consider Mr. Seldin’s request and respond in due course. However, in the meantime, the company…believes its current business plan reflects a balanced and prudent approach in light of currently prevailing economic conditions.”
GMX holds proved reserves of 465.3 billion cu. ft. equivalent and more than 3.2 trillion in total potential reserves in the Haynesville and Bossier plays in Panola and Harrison counties, East Texas, and Caddo Parish, Louisiana.

• Edge Petroleum Corp., Houston, (Nasdaq: EPEX) says it may be forced to seek protection under Chapter 11 bankruptcy if a strategic alternatives review is unsuccessful. The company recently experienced a redetermination of its credit facility from $239 million to $125 million, resulting in a $114-million borrowing-base deficiency. Edge was able to defer the first of six monthly payments of $19 million from Feb. 9 to March 10 to repay the deficiency. Edge announced it is seeking strategic alternatives, including the sale of the company or assets, following a failed merger with Oklahoma-based Chaparral Energy Inc. in December. Akin Gump Strauss Hauer & Feld LLP is legal advisor and evaluating financial and strategic alternatives.

• Pacific Energy Resources Ltd., Long Beach, Calif., (Toronto: PFE) has filed for Chapter 11 bankruptcy protection in Delaware. Pacific Energy holds assets offshore California and Alaska. The Beta Unit offshore southern California in federal waters consists of three platforms; the Elly, Ellen and Eureka. Alaskan assets include a 46.8% working interest in McArthur River Field and a 46.8% working interest in Trading Bay Field, both operated by Chevron, and a 100% working interest in Redoubt Shoal Field, as well as 500,000 net undeveloped acres and a 50% interest in Cook Inlet Pipeline Co. Fourth-quarter 2008 production was approximately 7,100 BOE per day, consisting of 3,400 barrels from Beta Field and 3,700 barrels from Alaska.
It negotiated a commitment for $40 million in debtor-in-possession (DIP) financing. In December the company entered a forbearance agreement with its lenders while it explored strategic alternatives. Scott Winn of Zolfo Cooper LLC is restructuring advisor.
Lazard and Albrecht & Associates Inc. are financial advisors. Pacific Energy sold its onshore California assets in the Los Angeles and San Joaquin basins in July for $135 million.

• Solon, Ohio-based BPI Energy Holdings Inc. (Pink Sheets: BPIGF) and subsidiary BPI Energy Inc. have filed for protection under Chapter 11 bankruptcy in Ohio. BPI holds some 500,000 acres of coalbed-methane rights in the Illinois Basin with interests in the Southern Illinois Basin project covering approximately 10,000 acres; 353,531 acres in the Northern Illinois Basin project in Montgomery, Shelby, Christian, Fayette, and Macoupin counties; and 135,948 acres in the Western Illinois Basin project in Clinton, Washington, Marion and Perry counties.

• Dallas-based Hallwood Energy has filed for Chapter 11 bankruptcy protection in the northern district of Texas, citing its inability to raise new capital to replace debt, and lower commodity prices affecting cash flow. The company plans to reorganize.
Hallwood has approximately 199,000 net acres in the Arkoma Basin in Arkansas and Delaware Basin in West Texas. Its focus is 19,000 net acres in the Fayetteville shale and Penn sand formations in Arkansas. Additionally, it holds 12,756 net acres in the Barnett and Woodford shales in the Delaware Basin. Hallwood has $115 million of secured debt and $30 million in unsecured debt.

• Crusader Energy Group Inc., Oklahoma City, (Amex: KRU) has retained Jefferies & Co. Inc. to review strategic alternatives following a borrowing-base redetermination that resulted in a $5-million deficiency. Crusader focuses on the Anadarko Basin and Central Kansas Uplift, Fort Worth Barnett shale, Delaware and Val Verde basins and the Bakken shale of the Williston Basin. As of year-end 2008, Crusader proved reserves were 206 billion cu. ft. equivalent (73 billion proved developed producing; 17 billion proved developed nonproducing). Annual production for 2008 was approximately 10.7 billion cu. ft. equivalent. It holds 1.015 million gross acres (442,000 net). The company cites the current credit market and lower oil and gas prices as influencing its decision to hire a financial advisor.