First Reserve Corporation Backs Repeat Management Team in Creating New Exploration and Production Company Templar Energy LLC Completes its First Acquisition in the Anadarko Basin
GREENWICH, Conn. and HOUSTON, Jan. 14, 2013 /PRNewswire/ -- First Reserve Corporation ("First Reserve"), a leading global investment firm dedicated to the energy industry, has backed a repeat management team and created a new Exploration and Production (E&P) company, Templar Energy LLC ("Templar"). Templar is focused on investing primarily in the mature, liquids-rich producing basins in the Mid-Continent Region, while also evaluating opportunities outside the region which fit its economic criteria. The Templar team is led by industry veteran David Le Norman with whom First Reserve has worked previously, most recently as part of TLP Energy and its operating subsidiary Le Norman Operating, an Oklahoma City-based oil and gas producer. Financial terms of the First Reserve investment were not disclosed.
"We have been focused on upstream investing across North America for thirty years, and we count David and his team among the best we have partnered with," said Mike France, Managing Director of First Reserve. "We look forward to pursuing an E&P growth strategy for Templar Energy in liquids-rich basins, working alongside a team with proven abilities to execute strategically and operationally in various regions."
Templar has completed its first acquisition in the Anadarko Basin. The first asset package acquired has approximately 7,000 net acres in Ellis and Roger Mills Counties in Oklahoma with average October 2012 daily production of approximately 1,500 barrels of oil equivalent per day.
Templar CEO David Le Norman commented, "Our relationship with First Reserve is longstanding and built on mutual trust; we believe that the smart capital they bring, along with the experienced team of energy investing professionals, is a win-win for us in this new endeavor. With the first acquisition already under our belt, we are off to a great start."
Templar is the latest iteration of Le Norman's team utilizing its expertise in building companies that operate in various E&P regions across the United States. This proven strategy is predicated on the deployment of the team's core competencies in horizontal drilling and multi-isolation stimulation of various reservoirs and lithology.
Le Norman further commented, "I have the good fortune of working with a talented team that we have assembled over the years. Our technical team is led by Dennis Lawson, Jeff Nelson, and Robert Potts. Chris McCormick and Gil Messersmith head up our land department and Chip Mullens, General Counsel, and Curtis Colby, CFO, round out the senior team. The entire team is focused on our goals and aligned with equity alongside our financial partners. We have had the luxury of working with great partners over the years and look forward to continuing our relationship with First Reserve in the Templar investment."
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About First Reserve Corporation
Founded in 1983, First Reserve is a leading global investment firm dedicated to the energy industry with over $23 billion of raised capital since inception. With offices in North America, Europe and Asia, First Reserve is well-positioned to make strategic investments on a global basis across the energy value chain. First Reserve seeks to create value for its investors by applying its deep industry knowledge, decades of investing and operational experience, highly talented management team and powerful network of global relationships to its investments and through active monitoring of its portfolio companies. For additional information, please visit First Reserve's website at www.firstreserve.com.
SOURCE First Reserve Corporation