PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Post Oak and Goldman Sachs Asset Management commit USD100m to PetroEdge Energy III

Post Oak Energy Capital and funds managed by Goldman Sachs Asset Management (GSAM) have made a USD100m capital commitment to PetroEdge Energy III.

 
PetroEdge’s management team will be co-investing alongside Post Oak and GSAM.
 
PetroEdge is a newly formed oil and gas company headquartered in Houston, Texas.  The company’s management team includes Larry Richard, president and chief executive; Larry Buchanan, executive vice president of operations; Jack Ward, EVP of exploration and production; and Mark Malinski, chief financial officer. Since 2004, PetroEdge’s management has built and sold two oil and gas companies. 
 
PetroEdge has acquired an acreage position in Brazos and Burleson Counties, Texas, and will initially be focused on drilling and developing the lower Eagle Ford (Maness), an oil-prone shale play.  The company will continue to acquire and lease additional land in the area while preparing to drill the first horizontal well on this acreage.
 
"PetroEdge is a very experienced and regionally focused management team with a solid track record,” says Frost Cochran, managing director of Post Oak, "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."
 
"We are pleased to partner with PetroEdge and Post Oak. PetroEdge has established itself as a leader in discovering and developing oil and gas resources. Post Oak is a great partner with strong energy sector expertise and industry relationships," says Sabrina Liak, managing director at Goldman Sachs Asset Management.
 
Richard adds: "Our management team is pleased to leverage our past success of applying our technical expertise as an early mover in unconventional exploration.  The acreage that we have acquired fits all of our criteria for an excellent play and we look forward to building a world-class company with our capital partners."  

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured

Blackstone Private Equity