Following the merger, Tecton controls more than 350,000 acres of producing, development and exploratory property throughout the U.S. and western Canada. The Company will continue to focus on its large-scale unconventional resource plays. Additionally, it will generate exploration and development projects on existing holdings, develop new plays and pursue strategic acquisitions.
In announcing the merger, Schanck and Dirks said, "We are delighted to be working together again. The combination of assets, talent and experience from these two companies, coupled with the financial backing of Quantum Energy Partners and Jefferies Capital Partners, creates a powerful growth vehicle in the North American E&P sector."
Northshore Petroleum LLC, headed by Mark Andreason, President, will continue to operate independently as an affiliate of Tecton.
Affiliates of Quantum Energy Partners of Houston and Jefferies Capital Partners of New York, along with the management team and employees of Tecton, have committed equity funding totaling $132 million.
According to Quantum Managing Partner Wil VanLoh, "The merger provides Tecton with a superior competitive advantage in the development and exploration of North American resource plays. The collective skill set and demonstrated expertise of the Tecton and SouthView teams greatly enhance the company's ability to create value via organic growth through development and low-risk exploratory drilling across multiple core areas. We are very pleased to be partnered with the new Tecton Energy, LLC."
Commenting on the combination, Stuart B. Katz, Managing Director at Jefferies Capital Partners, said, "We are fortunate that Jack Schanck and Bill Dirks, both respected leaders in the U.S. petroleum industry, will head the combined company. They bring a deep understanding of the upstream business and the proven technical, executive and financial skills developed during their successful careers with Unocal, Shell, and Samson Resources Company, respectively."
Quantum Energy Partners is a private equity firm specializing in the energy industry with more than $3.2 billion of capital under management.
Jefferies Capital Partners is a private equity management firm with over $1 billion under management and associated with Jefferies & Company, Inc., a full-service investment bank and institutional securities firm focused on growing and mid-sized companies and their investors.
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