Teal Natural Resources Secures $125 Million Initial Commitment from Pearl Energy Investments and Natural Gas Partners
Teal
Natural Resources, LLC (“Teal”), a newly formed oil and natural gas
exploration company, today announced a total commitment of $125 million
from private investment firms Pearl
Energy Investments (“Pearl”) through Pearl Energy Investments, L.P.,
and Natural
Gas Partners (“NGP”) through NGP Natural Resources XI, L.P., the
most recent NGP private equity fund focused on natural resources. Each
firm made an initial commitment of $62.5 million. Launched in March 2016
and headquartered in Dallas, Teal will use the capital to pursue and
develop primarily unconventional resource play opportunities in Texas,
initially focusing on the Eagle Ford Shale in South Texas.
Teal is led by three founding partners who boast a unique range of
skills and expertise. In addition to engineering experience acquired
while spending several years with Occidental Petroleum as a completions,
production and reservoir engineer, Teal Chief Executive Officer John
Roby has significant financial and transactional expertise, having
served as chief financial officer of Titanium Exploration Partners. Teal
President and Chief Geologist Neil Basu has more than 10 years of
geoscience experience, primarily with Pioneer Natural Resources in the
Eagle Ford and Permian Basin regions. While at Pioneer, Basu developed
drilling programs for more than 300 wells and established strategies to
optimize well performance through geologic understanding and operational
efficiencies. Chief Operating Officer John King also spent nearly 10
years with Pioneer, most recently as a reservoir and development
engineer, where he was instrumental in the addition of more than 200
well locations and $350 million in net asset valuation for the company’s
South Texas group.
“As a team, we believe that creativity and flexibility are keys to
creating value – especially in this market environment,” said Teal Chief
Executive Officer John Roby. “This initial capital commitment from Pearl
and NGP gives us the financial flexibility necessary to pursue and
develop assets with proven production potential, using our experience
and technical know-how to enhance drilling programs and optimize
production. We are honored that these two prestigious and successful
investors share our ideals, and we look forward to combining our
expertise to build a successful business.
“As we move forward, we are confident in our ability to leverage our
technical understanding alongside the financial expertise of our
investors, to transact on high-quality assets, whether through leasing
activities, acquisition of quality producing properties, or partnerships
with other like-minded organizations. We are excited to grow Teal as we
focus on developing strong relationships with all current and future
stakeholders, and we look forward to generating robust returns for our
investors,” Roby said.
“From the beginning, it was apparent that Teal, Pearl and NGP shared
common philosophies in regard to strategy and execution,” said Pearl
Energy Investments’ Managing Partner Billy Quinn. “The Teal team has a
strong multidisciplinary history of success, and its members are
recognized as leaders in their respective fields. We look forward to
supporting them as they execute upon our aligned strategy.”
“We are pleased to partner with Teal and Pearl, and we believe that
Teal’s proven track record and technical expertise will lead to quality
opportunities for success,” said NGP Senior Managing Director Craig
Glick.
Teal was advised by Winstead PC. Pearl Energy Investments and Natural
Gas Partners were advised by Thompson & Knight LLP.
About Teal Natural Resources, LLC
Based in Dallas, Teal Natural Resources is an oil and gas exploration
company focused on the acquisition and development of resource play
opportunities in Texas, primarily in the Eagle Ford Shale region of
South Texas. The company is led by CEO John Roby, President and Chief
Geologist Neil Basu and Chief Operating Officer John King. For more
information, please visit www.tealnr.com.
About Pearl Energy Investments
Founded in 2015, Pearl Energy Investments is an energy investment firm
based in Dallas, Texas. 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.
About Natural Gas Partners
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. For more information, please visit www.naturalgaspartners.com.
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