Global energy-focused private equity firm Denham Capital has committed $300m to Bright Horizon Resources, a newly-formed exploration and production (E&P) company that will pursue oil and gas opportunities in the Mid-Continent and ArkLaTex regions.
Bright Horizon’s management team has extensive experience in finding, acquiring, and developing oil and gas properties in multiple basins.
The company will leverage this knowledge and recent advances in drilling and completion techniques to maximise the value of properties it acquires, Denham said in a statement.
“There are abundant oil and natural gas investment projects in the US with considerable upside potential which, through today’s technologies and our team’s years of industry expertise, can be significantly enhanced,” Bright Horizon Resources CEO Dudley Viles said in the statement.
Viles has nearly 30 years of industry experience and previously served as executive vice president of Samson Resources, where he was responsible for many of its E&P activities, including prospect generation, capital allocation, leasing and drilling programmes, acquisitions, and operations.
Former Samson employees including vice president of land and business development Doug Black, vice president of geology and geophysics David Clupper, vice president of operations and engineering Carl Burgman, and CFO Craig Loseke will join Viles on the company’s management team.
“The Bright Horizon management team combines a proven track record of success with industry expertise that only comes from operating in numerous regions with many different types of projects and plays,” said Carl Tricoli, co-president and managing partner of Denham Capital.
“We are excited to partner with Dudley and his team and confident they’ll grow the company into a highly successful, independent E&P company.”
The investment was made through Denham Capital’s sixth fund, Denham Commodity Partners Fund VI, which closed with commitments of $3bn in April last year.
The vehicle was oversubscribed, exceeding the targeted cover amount of $2.5bn. Nearly 90 per cent of Denham’s existing investors participated in Fund VI, the firm said at the time.
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