TPG has formed a new venture, Petro Harvester, to invest in oil and gas producing properties in North America. TPG expects the company will acquire substantial exploration and production assets over the next several years. Petro Harvester (Harvester) will initially focus on conventional E&P assets where it believes there are opportunities to drive increased production through operational focus.
Harvester announced that a wholly-owned subsidiary has entered into an agreement to acquire long-life oil and gas properties located in Mississippi from Comstock Resources. The purchase is expected to close prior to year end and is subject to customary due diligence by Harvester and certain closing conditions.
The Harvester team is led by chairman Gareth Roberts, the founder and former CEO of Denbury Resources. TPG was an early investor in Denbury Resources in 1995 and has had a close relationship with Mr. Roberts since that time. Harvester's leadership team includes Jim Sinclair as President of Operations and Mark Roach as President of Acquisitions. In addition, Harvester employs a technical staff with deep industry expertise located in Houston and Dallas.
Mr. Roberts stated, "We are very pleased to announce the launch of Harvester, which will leverage our team's experience to acquire E&P assets that can flourish with greater operational focus. TPG Capital is an ideal partner in this venture. They share our vision and bring significant financial resources, and also offer a wealth of expertise, having executed a broad array of transactions in the energy sector."
"Harvester represents an exciting opportunity for TPG," said Michael MacDougall, partner, TPG. "Based on our experience in the space, we believe the best way to achieve scale in this market is to employ a full-time, dedicated team with a broad range of skills and substantial industry experience. The Harvester team’s experience and their technical capabilities will be invaluable as we seek to capitalize on oil and gas opportunities that can benefit from high quality management and operational focus."
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