Torrent Oil & Gas LLC (Torrent Oil or the company) has announced that it has secured a private equity financing commitment and partnership with Natural Gas Partners (NGP) through NGP Natural Resources XI, L.P., the most recent NGP private equity fund focused on natural resources and management.
Founded in 2015, Torrent Oil focuses on acquiring and redeveloping oil and gas assets within the Gulf Coast, East Texas and Ark-La-Tex Basins. The Houston, Texas based company is led by Hilcorp Energy Company veterans Greg Wachel and Henri deLaunay. The two have a combined 30 years of experience in the acquisition and management of oil and gas fields.As CEO and President of Torrent Oil, Wachel is a former Chief Reservoir Engineer and Asset Team Leader of Hilcorp. Torrent Oil Executive Vice President deLaunay most recently worked in Hilcorp’s Land and Business Development groups.
“With the partnership of NGP, we are positioned to execute on an exciting business strategy – identifying and acquiring a select group of assets that are undercapitalised and full of potential,” says Wachel. “In our view, this market presents unique opportunities to find and generate great value from underutilised assets.”
“We see great promise in this emerging company and its outlook for discovering new opportunities in the market,” said David Hayes, Managing Director of NGP. “Torrent’s business approach, entrepreneurial vision and corporate philosophy tie in perfectly with our investment goals in the natural resources industry.”
Adapted from press release by Francesca Brindle