PCORE Exploration & Production II LLC Announces Partnership with Natural Gas Partners
PCORE Exploration & Production II LLC (“PCORE II”) is pleased to
announce it has raised $200 million of equity commitments from Natural
Gas Partners (“NGP”) through NGP Natural Resources XI, L.P., the most
recent NGP private equity fund focused on natural resources, and the
PCORE II management team. Based in Dallas, Texas, PCORE II is an
exploration and production company driven by subsurface understanding
and engineering execution and is focused on developing core
unconventional oil prospects in North America.
PCORE II is led by Mark Hiduke, David Hall, Colin O’Farrell and Billy
Hannes. The founders were previously leaders of PCORE Exploration &
Production LLC (“PCORE I”), which was founded in May 2014 and sold in
January 2016. Prior to founding PCORE I, the management team served in
various roles as managers, technical specialists and attorneys at
Pioneer Natural Resources, SM Energy and Norton Rose Fulbright. The team
has participated in over $6 billion of A&D activity and brings 60+ years
of industry experience to PCORE II.
“After a successful partnership on our prior company, we are excited to
form PCORE II with NGP. David, Colin, Billy and I, together with the
entire PCORE team, look forward to creating significant value for our
investors in this opportunistic environment,” Mark Hiduke, CEO, said.
“NGP is excited and grateful to once again partner with the PCORE team,”
Craig Glick, Senior Managing Director of NGP, said. “We are thrilled to
continue working with such an energetic and skilled team and could not
be happier to have them in the NGP family.”
About NGP
Founded in 1988, Natural Gas Partners (“NGP”) is a family of private
equity investment funds, with approximately $17 billion of cumulative
equity commitments, organized to make investments in the natural
resources sector. NGP is part of the investment platform of NGP Energy
Capital Management, a premier investment franchise in the natural
resources industry. In addition to NGP, NGP Energy Capital Management’s
investment platform includes NGP Global Agribusiness Partners and NGP
Energy Technology Partners.
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Copyright Business Wire 2016
Source: Business Wire
(February 1, 2016 - 6:00 AM EST)
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