Fundare Resources Announces Senior Leadership and Partnership with Woodward Diversified Capital For New Oil and Gas Operating Company
DENVER, Feb. 4, 2021 /PRNewswire/ -- Fundare Resources Company, LLC ("Fundare" or the "Company") today announced the completion of its private equity financing with funding commitments from Woodward Diversified Capital ("WDC") and management. Fundare also announces the appointment of Cody Truitt as the Company's President.
Michael Starzer, Managing Partner with Fundare, commented, "We are pleased to be working again with the outstanding team at WDC as we build Fundare into another successful acquisition and development company. I have known Beau Woodward since 1995 and look forward to repeating the success of the past five Creek companies with WDC."
Beau Woodward, Managing Partner with WDC, commented, "WDC has a long history of energy investments, partnering with, and providing capital to proven management teams. In their operational and leadership roles at the previous Creek companies, Cody, Mike and Pat Graham demonstrated their ability to acquire and develop assets in varied market conditions with exceptional returns for their investors. We look forward to working with them and the entire Fundare team."
Mr. Truitt has over 20 years of experience in the oil and gas industry in executive, supervisory and engineering positions. Between 2018 and 2021, Mr. Truitt served as Chief Commercial Officer for Cureton Midstream, LLC managing and negotiating strategic marketing and commercial agreements for the company. During his time at Cureton, the company built a 60 mmcf/d cryogenic plant and over 140 miles of pipeline in the DJ Basin for seven producer customers. Prior to Cureton, Mr. Truitt joined Fifth Creek Energy in August 2016 as Vice President of Engineering managing the company's reservoir and production engineering and geoscience technical teams. Mr. Truitt also managed the evaluation of multiple acquisitions, expanding Fifth Creek Energy's assets by 50% to greater than 81,000 net acres and creating one of the largest contiguous and attractive core acreage positions for development in the DJ Basin. Prior to joining Fifth Creek Energy, Mr. Truitt served as Director of Business Development for Bonanza Creek Energy, Inc. and was responsible for leading acquisitions and divestiture programs from 2012 to 2016. Mr. Truitt also led the formation and commercial arrangements for Bonanza Creek Energy's midstream business, Rocky Mountain Infrastructure. Prior to joining Bonanza Creek Energy, Mr. Truitt worked in Business Development for HighMount E&P and Denali Oil & Gas. Mr. Truitt has worked multiple regions that include the DJ Basin, Anadarko Basin, Mississippi Lime, Marcellus Shale, Eagle Ford, Gulf Coast, Delaware Basin, and Permian Basin. Mr. Truitt has a Bachelor of Science in Engineering Technology from Texas A&M University and a Master of Business Administration from the University of Denver.
Mr. Starzer commented, "Pat and I worked closely with Cody in our two previous companies and we are pleased he is taking the leadership role of our sixth company. Mr. Truitt brings to Fundare executive management experience and business plan execution, in addition to an extensive knowledge of operations, business development and marketing."
Mr. Truitt commented, "I am very pleased to join Fundare and look forward to leading the execution of the Company's exciting business plan for our investors."
Fundare has engaged Rivington Holdings, LLC, to assist with raising additional capital and other financial advisory services related to acquisitions.
About Fundare Resources Company, LLC:
Fundare is an exploration and production company headquartered in Denver, Colorado focused on developing prolific oil and gas reserves across North America. Fundare was founded by the experienced management team behind the successful Fifth Creek Energy Company and the four previous Bonanza Creek Energy companies ("Creek") beginning in 1999. Fundare is pursuing yield-driven long-lived producing properties that maximize shareholder returns through the implementation of advanced technologies and best in class low-cost operatorship. Fundare, latin for "laying a foundation", is built around the principle of establishing a foundation of long-lived assets managed with Integrity, Teamwork and Transparency; proven values that have resulted in repeated success for its investors.
About Woodward Diversified Capital
WDC provides advanced investment strategies and wealth management solutions to high-net-worth individuals and family offices. WDC has a reputation as innovative and responsive investors, with broad transaction capabilities and a long entrepreneurial tradition of investments in a diverse range of industries.
About Rivington Holdings, LLC
Rivington Holdings, LLC, is an independent investment banking firm specializing in private capital and mergers and acquisition transactions for the energy sector. Founded in 2002, Rivington has closed 98 transactions with a total transaction value exceeding $7.9 billion. Further information can be found at www.rivingtoncap.com.
Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Fundare Resources Company, LLC
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