HOUSTON, July 28, 2014 /PRNewswire/ -- Post Oak
Energy Capital, LP (Post Oak), through investment partnerships it
manages, today announced that it committed to a $150 million line of equity to CP Exploration II,
LLC (CPX). Funding from the commitment will be used for
acquisitions and growth capital.
CPX is a newly formed oil and gas company co-located in
Dallas, TX and Lafayette,
LA. The management team, led by CEO Tom Powell, has considerable experience drilling
and developing assets in multiple basins across the United States, including the Gulf Coast,
Rockies and Appalachia. The company currently has operated
assets in East Texas and the
Ft. Worth Basin.
"CP Exploration has a deep and proven multi-disciplined
technical team," said Post Oak Managing Director Frost Cochran. "We
believe Tom and his team will continue to generate outstanding
returns as they have done on numerous occasions throughout their
career."
"I am delighted to have an equity partner with extensive energy
industry experience," said CPX CEO, Tom
Powell. "This equity commitment will give CPX II's
team the necessary resources to pursue our acquisition-driven plan,
focused on developing new upstream assets through the drill
bit."
About Post Oak Energy:
Post Oak, which was
established in 2006, is an energy-focused private investor based in
Houston, Texas. Its management
team has executive management experience and a broad network in the
energy business as well as significant expertise in equity
investments, operations, development, finance, acquisitions and
divestitures. The firm pursues private investments primarily in the
upstream sector of the oil and gas industry in North America and, to a lesser extent, in
oilfield service and related infrastructure. Post Oak works in
close partnership with operating management teams to build
businesses, accelerate growth and enhance shareholder value.
www.postoakenergy.com.
About CP Exploration II, LLC:
CPX's current activities
include pursuing new upstream opportunities through acquisitions,
as well as drilling and developing its existing asset base in
Houston, Trinity, Jack
and Young counties in Texas. www.cpexploration.com.
SOURCE Post Oak Energy Capital, LP