Warburg Pincus to Fund New Exploration Company
Gulf Coast Energy announced that global private equity firm Warburg Pincus and the management team have agreed to invest up to $250 million in the Houston-based company, which will operate in Texas as GCE Resources, LLC.
Formed this year, Gulf Coast Energy Resources expects to create value through the exploration of proven hydrocarbon trends utilizing advanced seismic technology augmented by the acquisition and exploitation of producing fields across the Gulf Coast of Texas and Louisiana, the company said in a statement.
Gulf Coast Energy Resources President and CEO Kevin Guilbeau said, "This initial investment marks the first major step in the development of our company. Having a partner of the caliber and experience of Warburg Pincus gives us great confidence in the
strength of our business plan, and we look forward to working with them closely as we become a leader in the sector."
Jeffrey Harris, managing director of Warburg Pincus, commented, "We are thrilled to have the opportunity to partner with Kevin Guilbeau and Gulf Coast Energy Resources' highly experienced management team as they work to build a leading exploration and
production company in the Gulf Coast region."
The management team consists of: Kevin Guilbeau President and CEO; C. Gordon Lindsey, Vice President Exploration and Business Development; Manuel Mondragon, Chief Financial Officer; Steve Longon, Vice President Engineering; and Jay Parker, Exploration Manager.