Warburg Pincus, Trilantic Capital Partners, ZAM Ventures have all agreed to make an investment in newly-formed oil and gas exploration and production company Velvet Energy Ltd.
Members of Velvet Energy’s management team and select board members, are also investing in the company.
Velvet Energy, which focuses on the Western Canadian Sedimentary Basin (WCSB) is led by Ken Woolner, a geological engineer by training, and an entrepreneur with a successful track record in the oil and gas industry spanning over 20 years. The company plans to utilise advanced drilling and completion technologies to enhance production and returns in established areas of western Alberta.
“We are delighted to be joined in this venture by Warburg Pincus, Trilantic Capital Partners and ZAM Ventures, LP, and look forward to benefiting from the deep oil and gas experience these investing partners bring to the table," says Woolner. "We are excited by the opportunity to leverage new technologies to enhance returns in mature conventional plays, and revitalise formerly marginal plays, in western and central Alberta.”
David Krieger, Managing Director, Warburg Pincus, adds: “We are pleased to be partnering with this proven management team, and look forward to working with the company as it explores and develops oil and gas resources in the Western Canadian Sedimentary Basin.”
CIBC World Markets Inc acted as financial advisor to Velvet Energy Ltd. with respect to this financing.
