Ridge Runner Resources LLC said Feb. 5 it received a line of equity financing of up to $300 million from funds affiliated with private-equity firm Warburg Pincus.

Ridge Runner is a newly-formed E&P focused on the Delaware Basin. The company, based in Midland, Texas, is led by CEO Scott Germann, an Exxon-trained geologist with more than 20 years of financial and operational experience in the Permian Basin, according to Ridge Runner's press release.

Ridge Runner said it intends to "leverage its regional expertise and deep network of local relationships to pursue partnerships with exploration and production operators as well as to acquire and develop meaningful acreage positions across the Delaware Basin."

Germann organically grew and led Nadal & Gussman's successful Permian business over the last couple decades. Most recently, he served as president of B.C. Operating, where he led the company's oil and natural gas exploration, development and production efforts in the Delaware Basin, until the sale of the company to Marathon Oil Corp. (NYSE: MRO) for $1.1 billion in May 2017.

The company's remaining senior executive team, all of whom Ridge Runner says are industry veterans with a history of working together, include: Tim Patuwo as CFO; Kelvin Fisher as COO; and Brian Cassens as vice president of business development.

Germann said in a statement: "We are pleased to have the support of Warburg Pincus, a leading and long-standing Permian Basin investor, as we establish our business and pursue accretive acquisition and development opportunities in the Delaware Basin. We look forward to partnering with other operators in the region to accelerate our strategy and build a meaningful acreage position."

David Habachy, managing director at Warburg Pincus, said in a statement: "Scott and his team have deep and expansive knowledge and operational expertise spanning the Permian Basin and important relationships with the legacy players in the region. We are excited to partner with Scott and his team and are confident in Ridge Runner's ability to build a business of scale and create value in the Delaware Basin."

Based in New York, Warburg Pincus has more than $44 billion in private-equity assets under management with an active portfolio of more than 150 companies, according to the release.