Post Oak Energy Commits $35 Million to Maverick Brothers Energy
HOUSTON, April 8, 2013 /PRNewswire/ -- Post Oak Energy Capital, LP (Post Oak), through investment partnerships it manages, today announced its commitment of $35 million in equity capital to Maverick Brothers Energy, LLC (Maverick).
Funding from the commitment will be used for Enid, Oklahoma-based Maverick's captive drilling program and acreage acquisitions. Post Oak funded $12 million at closing, with the remaining $23 million available to support future development activities on leasehold acreage and other growth initiatives.
"The capital backing from Post Oak will allow us to accelerate our growth," said Bret Brickman, CEO of Maverick, "Having a financial partner with industry experience is an additional benefit."
"The management team members at Maverick are great, regionally focused oil and gas operators," said Frost Cochran, Managing Director of Post Oak, "We look forward to working with them to continue to build the company."
Maverick has accumulated a contiguous acreage position of more than 10,000 gross acres in Dewey County, Oklahoma and has completed four horizontal gas wells in the liquids rich Mississippian Osage formation. Maverick's leadership team includes Bret Brickman, President and CEO, Bart Brickman, Vice President, Vivian Atchinson, Land Manager, Don Jacks, Engineering Manager, and Doug Pethoud, Geologic Manager.
About Post Oak Energy
Post Oak, which was established in 2006, is 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 private equity investments, operations, development, finance, acquisitions and divestitures. The firm pursues private equity investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oil field services and related infrastructure. Post Oak works in close partnership with operating management teams to build businesses, accelerate growth and enhance shareholder value. Post Oak's website is http://www.postoakenergy.com.
About Maverick Brothers Energy
Maverick Brothers is a privately held exploration and production company focusing on the acquisition, development and management of producing oil and natural gas properties. Maverick operates primarily in Oklahoma, with a history of creating value through new prospect development as well as deploying new horizontal drilling and completion technologies. The management team has extensive experience in production operations, complex drilling, prospect identification and long-term development of oil and gas.
SOURCE Post Oak Energy Capital, LP