Piedra Energy and Rock River Minerals Announce Closing of Fourth Capital Commitment with EnCap Investments, L.P.
Piedra Energy and Rock River Minerals ("Piedra Companies") announced
today the closing of their fourth capital commitment with Houston-based
EnCap Investments L.P. ("EnCap"). With this closing, the Piedra
Companies bring their aggregate outstanding commitments to $592 million.
The Piedra Companies are Midland-based and privately held. Piedra Energy
is actively drilling horizontally in multiple benches in the Spraberry /
Wolfcamp Trend of the northern Midland Basin. Rock River Minerals will
continue its focus on aggressively expanding its mineral and royalty
footprint in both the Midland and Delaware Basins.
“We have enjoyed our relationship with EnCap over the last eleven
years,” says Piedra Co-Founder Chip Smith. “EnCap and Piedra enjoy a
common vision for growth and success in the Midland and Delaware Basins.”
Since 1988, EnCap has been the leading provider of venture capital to
the independent sector of the U.S. oil and gas industry. The firm has
raised 21 institutional oil and gas investment funds totaling
approximately $37 billion and currently manages capital on behalf of
more than 350 U.S. and international investors. For more information,
please visit http://www.encapinvestments.com/
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Copyright Business Wire 2018
Source: Business Wire
(September 27, 2018 - 3:07 PM EDT)
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