SLANT Energy Forms with $30 Million Equity Commitment from Pearl Energy Investments
SLANT
Energy (“SLANT”) announced today that the company has secured a $30
million equity commitment from Dallas-based Pearl
Energy Investments (“Pearl”). With offices in Wichita Falls, Texas
and Lafayette, Louisiana, SLANT is a startup exploration and production
company focused on developing shallow, conventional oil and gas fields
in the North Texas and mid-continent regions. The company will pursue
drilling new wells in established reservoirs as well as purchasing
existing assets, optimizing production and maximizing value.
SLANT’s management team has a wide range of experience and has learned
the business from the ground up, developing an in-depth knowledge of oil
and gas production through a hands-on approach. The company is led by
three co-founders: Chief Executive Officer Stewart Stover III; Chief
Financial Officer Thomas Saloom; and Executive Vice President of Land
and Business Development Sean Gill. A petroleum engineer, Mr. Stover
recently served as Vice President of Operations at Texas Energy Holdings
and also as a senior engineer at Extex Operating. Mr. Stover has years
of experience in operations, acquisition evaluation, reservoir
management and strategic planning. Mr. Saloom most recently served as
Controller at Robertson Energy, and has a broad range of experience
managing capital expenditures, acquisitions and divestitures, financial
reporting, and risk management. Mr. Gill has served as an in-house
landman for Texas Energy Holdings as well as an operations analyst. He
is responsible for all land functions at SLANT, and will focus on
developing new business opportunities in addition to maintaining
environmental and regulatory compliance.
“At SLANT, we believe in a business model based on a lean organizational
structure and a disciplined approach to strategically-sound operations.
We are excited about the common vision we share with Pearl and believe
that our strong equity backing will enable us to create value in this
market environment,” said SLANT Chief Executive Officer, Stewart Stover.
“We are confident that our real-time experience and intimate knowledge
of operations and efficiencies will allow us to effectively utilize this
capital to develop a diverse portfolio of conventional oil and gas
assets through drilling and acquisitions.”
“SLANT is led by a team of outstanding managers with hands-on
experience, the exact background required to execute their business plan
drilling shallow, conventional wells in the North Texas and
mid-continent regions,” said Pearl Managing Partner and co-founder,
Billy Quinn. “We welcome their lean, aggressive, nimble approach to
business and look forward to supporting them as they grow.”
SLANT stands for South Louisiana and North Texas. The name is meaningful
as co-founders Stewart Stover and Thomas Saloom are from South Louisiana
and Sean Gill is from North Texas. Additionally, these areas are where
the SLANT management team gained valuable experience and expertise in
the oil and gas industry.
About SLANT Energy
SLANT Energy is an independent exploration and production company
focused on developing conventional, shallow oil and gas properties in
North Texas and the mid-continent region. The Company was founded with a
$30 million equity commitment from Pearl Energy Investments. SLANT has
offices in Wichita Falls, Texas and Lafayette, Louisiana. For more
information, please visit www.slantenergy.com.
About Pearl Energy Investments
Founded in 2015, Pearl Energy Investments is an energy investment firm
based in Dallas. Pearl targets small to middle market private investment
opportunities requiring between $25 million and $75 million of equity
capital in the North American upstream, midstream, and oilfield services
sectors. For more information, please visit www.pearl-energy.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170117005513/en/
Copyright Business Wire 2017
Source: Business Wire
(January 17, 2017 - 8:30 AM EST)
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