Black Mountain Oil & Gas, LLC (Black Mountain or the company) is pleased to announce the closing of a US$150 million equity commitment from Natural Gas Partners (NGP) through NGP Natural Resources XI, L.P., the most recent NGP private equity fund focused on natural resources.
The Black Mountain management team combines expertise in geology, engineering, land and A&D in conventional and unconventional oil and gas reservoirs. The company is applying its multi-disciplinary approach across the most prolific producing regions in the lower 48 with a current focus on the Delaware Basin in Texas and New Mexico.
“Our partnership with NGP will allow us to evaluate a broad opportunity set and move quickly when we identify a clear line of sight to value creation,” said Rhett Bennett, Founder and CEO of Black Mountain. “This is a unique and challenging market, but one that we believe will create opportunity with the right partner.”
“We are excited to enter into a partnership with the Black Mountain management team,” said Chris Carter, Managing Partner of NGP. “Rhett and the Black Mountain management team have a demonstrated track record of value creation, and we believe that they are well positioned to grow a successful company in the current environment. We are proud to be their partner.”
Adapted from press release by Francesca Brindle
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/10022016/natural-gas-partners-black-mountain-oil-close-equity-agreement-2444/