A newly formed oil and gas company has received a $150 million influx from a private investment firm.
Post Oak Energy Capital LP has committed to a line of equity to CP Exploration II LLC (CPX). The funding will be used for acquisitions and growth capital.
Recently established CPX is an exploration and production company collocated in Dallas, Texas, and Lafayette, Louisiana. The management team, led by CEO Tom Powell, has considerable experience drilling and developing assets in multiple basins across the United States, including the Gulf Coast, Rockies and Appalachia. The company currently has operated assets in East Texas and the Fort Worth Basin.
“CP Exploration has a deep and proven multi-disciplined technical team,” said Post Oak managing director Frost Cochran. “We believe Tom [Powell] and his team will continue to generate outstanding returns as they have done on numerous occasions throughout their career.”
Powell said the equity commitment would give CPX the “necessary resources to pursue our acquisition-driven plan, focused on developing new upstream assets through the drill bit.”
Post Oak was established in 2006 and is headquartered in Houston. Its management team has executive management experience and a broad network in the energy business as well as significant expertise in equity investments, operations, development, finance, acquisitions and divestitures. The firm pursues private investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oilfield service and related infrastructure.
Tags: CP Exploration II, drilling, investment, Post Oak Energy Capital, upstream