October 16, 2024, by Rocky Teodoro of Rigzone Staff-- Houston-based Tiburon Oil & Gas Partners LLC has secured an equity commitment from private equity firm Post Oak Energy Capital, L.P., alongside commitments from management and additional investors.
"Our well-defined lease and drill strategy, paired with a strong management and execution team, positions us to effectively access the region's resources while making a positive contribution to the local economy. We look forward to partnering with the Post Oak team to execute on our growth plans,” Tiburon President and CEO Scott Hudson said. “With a solid foundation already established in the region, our focus will be on efficiently drilling and developing our leasehold, while continuing to grow our position”.
According to a news release from Post Oak, Tiburon also closed on an initial acquisition of leasehold in the liquids rich portion of the Utica Shale play in Ohio. Tiburon has received its initial unitization permit to develop a portion of its existing Utica position and is in the process of aggregating additional leasehold to move forward with its first phase of development.
“The Tiburon team has organically generated an attractive position in the Utica, and we are pleased to formalize the investment and partner with this incredibly talented team,” Henry May, Post Oak Director, said. “The liquids rich window of the Utica is experiencing a developmental renaissance, and we appreciate the opportunity to provide capital and insights alongside Tiburon to responsibly develop an asset that will provide both decades of critical energy supply to consumers and attractive returns to our investors.”
Tiburon describes itself as an exploration and production company dedicated to responsibly acquiring, developing, and operating upstream oil and gas assets in the Appalachian Basin. According to the release, the Tiburon leadership team “played an instrumental role” in executing growth at Carrizo Oil & Gas, Inc. and has a successful track record of working together in Appalachia and other key U.S. unconventional basins.
Post Oak, which was established in 2006, is a Houston-based private equity firm primarily focused on making domestic investments in the upstream, midstream and oilfield services sectors of the energy industry. Post Oak said it “seeks to identify outstanding oil and gas entrepreneurs and management teams with well-defined business plans that also possess a demonstrated track record of creating accretive value for shareholders”.
Last month, newly formed Quantent Energy Partners, LLC completed its initial acquisition of natural gas assets in the Haynesville Shale. Oklahoma City-based Quantent Energy Partners was formed this year with an equity commitment from Post Oak Energy Partners V, LP.
The initial acquisition includes over 7,000 net acres located in North Louisiana, “underpinned by an attractive combination of producing wellbores and operated development inventory,” Quantent said in an earlier news release. The financial details were not disclosed.
Quantent said it has cultivated a deep pipeline of opportunities and is actively engaged in pursuing assets and development projects across the region. The company is aiming to further grow its footprint in the Haynesville, targeting upstream development opportunities in the Haynesville and Bossier shale formations across North Louisiana and East Texas.
To contact the author, email rocky.teodoro@rigzone.com