Energy-focused investment firm First Reserve Corporation has backed a repeat management team and created a new exploration and production (E&P) company, Templar Energy.
Financial terms of the First Reserve investment were not disclosed.
Templar will focus on investing in the mature, liquids-rich producing basins in the US Mid-Continent Region, while also evaluating opportunities outside the region which fit its economic criteria.
Its 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.
“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 is the latest iteration of Le Norman’s team that has focused on various E&P regions across the US.
Le Norman said, “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 endeavour. With the first acquisition already under our belt, we are off to a great start.”
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