Laredo Petroleum, an independent oil and gas company with headquarters in Oklahoma, has closed a second round of equity financing of up to USD300m from private equity firm Warburg Pincus a
Laredo Petroleum, an independent oil and gas company with headquarters in Oklahoma, has closed a second round of equity financing of up to USD300m from private equity firm Warburg Pincus along with Laredo Petroleum’s senior management team.
Funding of this line of equity will be provided as needed to support Laredo’s continued growth and the execution of its ongoing program of acquisition, exploration and development of oil and gas properties in the mid-continent region of the US.
Laredo Petroleum is headed by Randy Foutch, an oil and gas industry entrepreneur who previously founded three exploration and production companies. The new funding follows an earlier USD300m equity financing commitment by Warburg Pincus in July 2007, which Laredo has deployed through its exploration programme and strategic acquisitions.
With the new funding, Laredo will seek to add value to its existing oil and gas properties through continued exploration and development drilling, as well as through additional acquisition opportunities.
‘Given the current atmosphere of instability in the worldwide capital and commodity markets, this level of continued support and commitment from such a prestigious investor speaks volumes about Laredo’s ability to execute on its long-term business strategy,’ says Foutch, Laredo’s founder and chief executive.
Jeffrey Harris, a Warburg Pincus managing director, adds: ‘We are thrilled to be continuing our partnership with Randy Foutch and his team. Warburg Pincus has had a long and rewarding history with Mr Foutch through his earlier ventures, and we are confident that Laredo will be similarly successful.’
