Post Oak Energy Commits $40 Million to Core Minerals Management
HOUSTON, Dec. 3, 2012 /PRNewswire/ -- Post Oak Energy Capital, LP (Post Oak), through investment partnerships it manages, today announced its commitment of $40 million in equity capital to Core Minerals Management II, LP (Core II).
Funding from the commitment will be used for Evansville, Indiana-based Core II's corporate growth and acquisitions. Post Oak funded $10 million at the November 2012 closing, with the remaining $30 million available to support future activities. Clint Wetmore, Post Oak Managing Director, and Ryan Mathews, Post Oak Partner, led the investment.
Core II's leadership team includes Jim Rode, President and CEO, Mike McLear, Executive Vice President, and John Gasser, Chief Financial Officer. The company operates in and around the Illinois Basin and currently produces approximately 650 barrels of oil per day. The company's existing activities include long life oil production from conventional reservoirs and aggregating and revitalizing existing producing fields from legacy producers.
"We are pleased to be investing with a talented management team with a regionally focused operating base in one of North America's most prolific legacy oil basins," said Post Oak Managing Director, Frost Cochran.
"From our operating base in Indiana, we are able to generate low risk, low cost production growth," said Rode. "Partnering with Post Oak provides us with the capacity to fund these unique opportunities on a timely basis."
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 Core Minerals Management
Core Minerals is a privately held company focusing on the acquisition and management of producing and non-producing oil and natural gas properties. Core Minerals develops new oil and gas opportunities in and beyond the Illinois Basin, with a history of creating asset value through aggregating complementary assets as well as deploying new technologies and enhanced drilling techniques such as horizontal drilling. The management team has extensive experience in production operations, natural gas gathering systems and pipelines, project and prospect identification, drilling and development, and processing and transportation of oil and gas. Core II's website is http://www.coreoperating.com.
SOURCE Post Oak Energy Capital, LP