Colgate Energy LLC has announced it has raised US$75 million of equity commitments from lead investor Pearl Energy Investments, alongside Natural Gas Partners through its affiliate, NGP Natural Resources XI, LP and the Colgate management team.
“The Colgate team is excited to partner with Pearl and NGP, who both have a long history of investing in the oil and gas business. We expect the challenging commodity price environment to present opportunities for Colgate to acquire both legacy producing assets and undeveloped horizontal acreage,” James Walter said.
“Given the current commodity price environment, it is imperative that we leverage the experience of our management team, the financial expertise of our investors and the technological improvements in the industry to be successful,” Will Hickey added.
“Pearl is excited to partner with the Colgate team and our equity commitment reflects the confidence we have in Will and James,” stated Billy Quinn, Managing Partner and co-founder of Pearl. “With the Colgate team’s prior experience and strong relationships in their focus area, we believe the Company is well positioned to capitalise on the current market environment.”
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/26022016/colgate-energy-announces-partnership-2598/