Institutional investor to the global energy sector EIG Global Energy Partners will provide up to $200,000,000 in senior secured notes to finance well development costs for Intervention Energy. Founded in 2007 by Minot native John Zimmerman, Intervention Energy is a non-operating oil and gas exploration and production company focused on North Dakota and Montana.
Intervention Energy, LLC (“IE”) announced today it has entered into a financing agreement with EIG Global Energy Partners (“EIG”) whereby EIG will provide up to $200,000,000 in Senior Secured Notes to finance well development costs for IE’s holdings targeting the Bakken and Three Forks formations in North Dakota and Montana. Founded in 2007 by Minot native John Zimmerman, IE now controls over 55,000 net acres in North Dakota and Montana and is one of the largest privately held non-operating companies focused on developing the Bakken and Three Forks plays in the Williston Basin. To date, IE has funded investments in over 100 producing wells.
John Zimmerman, President of IE commented, “This agreement represents a transformational step forward for our company and our shareholders and should enable us to meet our well funding obligations for the foreseeable future. After five years of bootstrapping our growth and expansion with no institutional investor involvement by design, we are thrilled to have EIG as our first institutional partner. They come with a distinguished, 30-year track record of energy sector investing and we know their deep experience will help us optimize IE’s growth and evolution given the high pace of activity we’re witnessing in the Bakken.”
Jefferies & Company, Inc. acted as financial advisor to Intervention Energy, LLC on this transaction.
ABOUT INTERVENTION ENERGY
Based in Minot, ND, Intervention Energy, LLC is one of the largest privately held non-operating oil and gas exploration and production companies focused on North Dakota and Montana. IE has participated in over 100 wells targeting the Bakken or Three Forks formations and now controls over 55,000 net mineral acres. Since its founding, IE has built its mineral lease portfolio through selective acquisitions and has partnered with leading operators active in the Williston Basin.
For more information, visit www.interventionenergy.com or contact Darius Brooks at (701) 369-0368 or email@example.com.
EIG Global Energy Partners is a leading institutional investor to the global energy sector with $9.2 billion under management as of the quarter ended September 30, 2011. EIG specializes in private investments in global energy, resource and related infrastructure projects and companies and was formerly the Energy & Infrastructure Group of Trust Company of the West. During its 30-year history, EIG has invested over $13 billion in the sector through more than 260 projects or companies in 33 countries on 6 continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, DC, with offices in Houston, London, Sydney, and Hong Kong.