Post Oak Energy Capital, LP (Post Oak), through investment partnerships it manages, announced that it committed to a $150 million line of equity to CP Exploration II, LLC (CPX). Funding from the commitment will be used for acquisitions and growth capital.
CPX is a newly formed oil and gas company co-located in Dallas, TX and Lafayette, LA. The management team, led by CEO Tom Powell, has considerable experience drilling and developing assets in multiple basins across the United States, including the Gulf Coast, Rockies and Appalachia. The company currently has operated assets in East Texas and the Ft. Worth Basin.
"CP Exploration has a deep and proven multi-disciplined technical team," said Post Oak Managing Director Frost Cochran. "We believe Tom and his team will continue to generate outstanding returns as they have done on numerous occasions throughout their career."
"I am delighted to have an equity partner with extensive energy industry experience," said CPX CEO, Tom Powell. "This equity commitment will give CPX II's team the necessary resources to pursue our acquisition-driven plan, focused on developing new upstream assets through the drill bit."
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