Lime Rock Partners invests in Endurance Resources
Endurance Resources has secured a USD100m growth equity commitment from Lime Rock Partners, an energy-focused private equity firm.
The capital will allow Endurance Resources to acquire producing and development assets currently operated by the Endurance team and to pursue additional opportunities in the Bone Spring oil play in Lea and Eddy Counties, New Mexico.
Endurance Resources was founded by Don Ritter and Garrett Smith. With the initial investment of Lime Rock Partners' commitment, Endurance Resources will continue the development of its producing oil properties, Bone Spring acreage, and other plays in the Delaware Basin.
Ritter says: "Over the last five years, the Delaware and other parts of the Permian Basin have led the American oil renaissance with new play concepts, large production increases, and the application of new technology and techniques. We are excited to be partnering with a group like Lime Rock, which has demonstrated considerable success in its existing investments in the Permian. We look forward to Endurance Resources creating significant value by developing our current drilling portfolio through application of our technical backgrounds and experience in the area, and becoming a key participant in the still unfolding story of the region."
J McLane, a managing director of the Lime Rock Partners team, says: "We are thrilled to be partnering with the Endurance Resources team. They have developed an impressive asset base in the heart of the Bone Spring play and bring together a unique combination of technical leadership, broad industry experience, and local expertise in the Delaware Basin. We look forward to working closely with them as they apply their diverse skills and admirable entrepreneurial energy to one of the most exciting oil basins in the world."
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