FORT WORTH, Texas, Feb. 20, 2017 /PRNewswire/ -- Crimson Resources LLC (CR) announced today that it has partnered with an investor group, led by Fort Worth-based Vortus Investments, LP (Vortus), and includes management and other private investors. Based in Fort Worth, CR will focus on acquiring, leasing and developing oil and natural gas assets in South Texas where it has significant operational expertise.
CR is a newly formed company with an experienced management team led by industry veterans, Frank Starr and Tripp Rivers, who both started at Union Pacific Resources and have worked together for over two decades, accumulating over 60 years of industry experience combined. Prior to forming CR, Frank and Tripp managed several Fort Worth-based oil and natural gas companies including Crimson Energy Company, Crimson Energy Partners II, LLC and Crimson Energy Partners III, LLC.
Jeffrey Miller and Brian Crumley, the Managing Partners at Vortus commented, "Vortus is excited to partner with CR in the Eagle Ford. Its management team has a long and successful history drilling and completing horizontal wells in the area combined with a reputation as a high quality operator. This partnership provides another platform into a low-cost basin where we hope to unlock significant value."
The CR management team has an extensive track record of identifying, purchasing, developing, operating and selling oil and natural gas assets in South Texas, where they have leased almost 170,000 acres and drilled over 200 wells. Using their expertise in drilling and operating optimization, the CR team has built a history of successful value creation with over $1.5 billion in development, acquisition, and divestiture activity in south Texas since 1994.
"Crimson management looks forward to this opportunity to partner with Vortus Investments in our continued efforts to develop and manage assets in the Eagle Ford trend," said Frank Starr. "Our continuing focus will be on value creation for the company, its investors, and royalty owners, while minimizing its operational footprint and maintaining our proven relationships with our mineral owners. We will apply the newest technology to properly evaluate, drill and complete productive horizons."
About Crimson Resources
Crimson Resources LLC is a Fort Worth, Texas-based oil and natural gas acquisition and development operating company focused primarily on the Eagle Ford shale in south Texas. CR is managed through its affiliate, Crimson Energy Partners IV, LLC, which is led by President, Frank Starr; Executive Vice President, Tripp Rivers; Vice President of Business Development, Will Kiker; Vice President of Treasury & Finance, Kyle Murdock; and Vice President of Land, Dan O'Toole. For more information, please visit www.crimsonenergy.com.
About Vortus Investments
Vortus Investments LLC is a Fort Worth-based private equity firm focused on the lower to middle market upstream energy industry in North America. Founded in 2013, Vortus' collective 60+ years of global energy experience covers a wide range of disciplines, including: private equity, investment banking, M&A, capital markets, public equity and debt investing, asset management, and restructuring, and is supported by a foundation of petroleum engineering. Vortus' asset-based investment strategy provides development capital in partnership with successful owner/operators in the North American onshore upstream industry. Vortus targets privately negotiated transactions in the lower to middle market requiring approximately $25 million to $75 million of equity capital. For additional information, visit www.vortus.com.
Vortus Investments, LP
Jeffrey Miller, 817-945-2400
Crimson Resources LLC
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SOURCE Crimson Resources LLC