PetroEdge said its management team will be co-investing alongside Post Oak and GSAM.
PetroEdge, which was previously backed by EnCap, is focused on the acquisition, exploration and exploitation of unconventional natural gas and oil projects. It has built and sold two energy businesses since 2004.
The company has bought acreage in Brazos and Burleson Counties, Texas, and will initially be focused on drilling and developing the lower Eagle Ford shale play.
It said today that it will continue to buy and lease additional land in the area while preparing to drill the first horizontal well on this acreage.
Post Oak managing director Frost Cochran said, “PetroEdge is a very experienced and regionally focused management team with a solid track record.
“The combination of a proven team with an attractive captive opportunity is consistent with our investment philosophy. Additionally, it is gratifying to be working with our friends at Goldman Sachs on this investment.”
Earlier this year Post Oak invested in Texan shale drilling company Titan River alongside Ridgemont Equity Partners.
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