Energy focused private equity firm Quantum Energy Partners has acquired Calgary-based upstream exploration and development company Carmel Bay Exploration.
The firm together with Carmel’s management team and directors have made investments and future commitments totalling more than $225m to the business.
Carmel, which was launched in 2011, is focused on buying and developing assets in the Western Canadian Sedimentary Basin.
Managing director of Quantum Energy Partners Garry Tanner said, “We are excited to be in partnership with such an accomplished and focused upstream operating team.
“The company has already assembled a significant initial acreage position in the Montney and is aggressively pursuing a variety of other opportunities which we believe over time will deliver superior returns to our investors.”
Since its inception in 1998 Houston-based Quantum has managed more than $6.5bn in equity commitments. The firm is currently investing through its $2.5bn fifth fund raised in 2008.
Back in December Quantum hired former LINN Energy chairman, president and CEO Michael Linn as a senior advisor.
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