TPH Partners, a middle-market energy private equity fund, has created BlueRock Energy Capital II, a financing company that provides small, independent exploration and production operato
TPH Partners, a middle-market energy private equity fund, has created BlueRock Energy Capital II, a financing company that provides small, independent exploration and production operators with USD1m to USD10m of acquisition and development capital.
The management of BlueRock first organised this Houston-based business more than 15 years ago under Tenneco Ventures and subsequently became a part of Domain Energy and later Range Resources.
BlueRock uses a non-recourse limited term overriding royalty financing structure to provide an alternative to bank debt or equity capital for its producer clients.
‘We are very pleased to work with Cathy Sliva, Dave Stevens, Allen Shook and Scott Abel in the reincarnation of this previously successful business model,’ says Joe Foster, chairman of TPH Partners. ‘Given today’s scarcity of alternative capital sources, this is an excellent time for BlueRock to be making investments.’
In addition to BlueRock, TPH Partners holds a position in UP Holdings, the engineering firm formed in 2008 through the combination of Universal Ensco and Pegasus International.
TPH Partners, based in Houston, Texas, is the private equity arm of Tudor, Pickering, Holt. It makes private investments in the upstream, oilfield service and midstream subsectors of the energy industry.
