American Resource Development LLC ("Ameredev" or the "Company") announced today the closing of an equity commitment of $250 million from EnCap Investments, L.P. ("EnCap").

Jul 07, 2015, 17:24 ET from American Resource Development LLC

AUSTIN, Texas, July 7, 2015 /PRNewswire/ -- Ameredev is an Austin-based exploration and production company focused on the acquisition and development of oil and gas properties in the Permian Basin. The Ameredev management team is comprised of former employees of Three Rivers Operating Company, Cimarex Energy Co., and Concho Resources, Inc. and has a combined $23 billion of M&A and $2.2 billion of E&D capital investment experience. Parker Reese, Ameredev President and CEO said, "We are excited to be partnering with a firm with a history of generating exceptional returns that shares our focus on capital preservation, relationships, and having a balanced commercial and technical perspective."

"Our investment in Ameredev has allowed EnCap to partner with an energetic management team that has a history of creating value in the upstream E&P space," said Jason DeLorenzo, Managing Partner of EnCap.  "We look forward to building a successful and lasting partnership with Parker Reese and his group."

Since 1988, EnCap Investments has been the leading provider of private equity to the independent sector of the U.S. oil and gas industry. The firm has raised 19 institutional oil and gas investment funds totaling approximately $27.5 billion and currently manages capital on behalf of more than 300 U.S. and international investors.  EnCap professionals represent more than 250 years of experience in the energy finance and investment business.  EnCap has a proven track record, having successfully invested with approximately 220 upstream and midstream oil & gas companies.

 

SOURCE American Resource Development LLC