Massif Oil & Gas said Nov. 8 it landed with NGP as its new private-equity backer for the return of the Bozeman, Mont.-based team to the Powder River Basin in Wyoming.

Following its formation in 2015, Massif set out to build acquire and exploit low-risk, proven, operated, oil and natural gas assets with economic drilling opportunities. Through this strategy, the company built a position in the Hilight Field in the Powder River Basin, which, by 2017, totaled 55,000 net acres.

The company eventually sold its position to Vermilion Energy Inc. (NYSE: VET), per BMO Capital Markets, for $186 million. The transaction, which closed during third-quarter 2018, consisted of mineral land and producing assets in Campbell County, Wyo.

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Now, through its partnership with NGP, the company will form Massif Oil & Gas II LLC in hopes of leveraging its proprietary relationships and operational expertise for another go-around in the Powder River Basin.

Massif CEO Barrett Frizzell said in a statement, “Following our success in the Powder River Basin, we are excited to partner with NGP to build a company focused on creating significant value for its partners.”

Frizzell, along with the rest of the management team at Massif, will serve in their same roles for Massif II. Led by Frizzell, the Massif II team includes: Adam Gollofon as COO; Scott Sheehan as CFO; Brian Burdette as executive vice president of subsurface; and Dave Thornquist as executive vice president of land.

Patrick McWilliams, partner at NGP, said the firm’s equity commitment in Massif II reflects the confidence NGP has in the the company’s business plan.

“We are thrilled to work with such an energetic, disciplined and skilled company and welcome them to the NGP family,” McWilliams said in a statement. “With the management team’s strong historical track record in the Powder River Basin, technical skillset and industry relationships, we believe the company is well positioned to capitalize on the current market environment.”

The amount of NGP’s equity commitment to Massif II wasn't disclosed.

NGP has roughly $20 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors, according to the company press release.

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