Lea Crump ("Crump") and Will Crump announced today that they have formed Crump Energy Partners, LLC ("CEP") to acquire, exploit, and develop oil and gas properties in the Permian Basin, where Crump has built an impressive track record and extensive relationship network.
CEP is an investment portfolio company of Quantum Energy Partners ("Quantum") with initial equity commitments from Quantum Energy Partners V of $100 million.
Crump has spent his entire career operating in the Permian Basin. Initially, he worked as an engineer with Gulf Oil and Amoco before forming Crump Petroleum Corporation in 1983 and subsequently partnering with Mike Black for over 10 years through BC Operating, Inc.
"Now is a great time to be approaching the market with dry powder," said Crump, President and CEO of Crump Energy Partners. "Through our partnership with Quantum, we have the financial flexibility to be able to execute quickly across a wide range of opportunities."
CEP will focus on acquiring both mature conventional assets with re-completion and enhanced recovery potential and development drilling opportunities. The company's target deal size will range between $10 million and $50 million, with the ability to execute on packages in excess of $200 million.
Quantum has a long-standing relationship with Crump and has invested successfully with him in previous ventures. "We are thrilled with the opportunity to partner again with Lea and look forward to continuing our long-term relationship," said Toby Neugebauer, Co-Founder of Quantum. "Lea has a proven track record of successfully investing capital for both himself and his investors. We believe that Crump Energy Partners is well positioned to execute and create value for Quantum investors."
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