Over the past five years, Element II drilled 76 wells across a land position of 21,500 net acres in the Permian Basin, including the first successful horizontal Wolfcamp well in Howard County, Texas in May 2013.
"We could not be happier with Element II's success," said Dan Revers, ArcLight's Co-Founder and Managing Partner. "The Element team has been a tremendous partner and we congratulate them on this terrific outcome. We look forward to working with them on Element III."
Mr. Revers added, "While ArcLight is best known for power and midstream, our portfolio of select upstream assets has been an important contributor of our fund performance, providing key insights and portfolio diversification."
"We continue to see many opportunities in the Permian Basin and are excited to continue to have ArcLight's partnership and support in Element III," said Mr. Gibson.
About ArcLight Capital Partners
ArcLight is one of the leading private equity firms focused on energy infrastructure investments. Founded in 2001, we helped pioneer an asset-based private equity approach to investing in the dynamic energy sector. We have invested approximately $16.8 billion in 99 transactions since inception, generating strong realized returns for our limited partners from 62 exits across diverse market cycles. Based in Boston, our 29-person investment team targets midstream, power and production opportunities with substantial growth potential, significant current income and meaningful downside protection, typically on a proprietary basis. We employ a hands-on value creation strategy that utilizes our in-house technical, operational and commercial specialists as well as our 400-person asset management affiliate. More information about ArcLight, and a complete list of ArcLight's portfolio companies, can be found at www.arclightcapital.com.
About Element Petroleum
Element is an exploration, development, and production company based in Midland, Texas. We were an early entrant into the shale oil plays of the Permian Basin. Management dedicated its efforts to find and develop acreage prospective for vertical Wolfberry exploitation and, more recently, horizontal exploration and development of the Wolfcamp and Spraberry shales. To date, management has drilled approximately 400 wells across 120,000 acres in the Permian Basin, including the first successful horizontal Wolfcamp well in Howard County, Texas, in May 2013. As of September 2016, Element has successfully drilled and completed an additional 37 horizontal wells. Element III was formed in 2015 to find, develop, and acquire oil and gas reserves and production, primarily in the Permian Basin.
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SOURCE ArcLight Capital Partners, LLC