Oil and gas company Furie Operating Alaska has closed $160 million in funding from Energy Capital Partners. According to the firm, the capital will be used for the natural gas project in the Cook Inlet.
ANCHORAGE, Alaska, July 18, 2014 /PRNewswire/ — Furie Operating Alaska, LLC (“Furie”), a growth-oriented independent oil & gas company, announced today the completion of a $160 million investment commitment from Energy Capital Partners Mezzanine Opportunities Fund. The investment will fund the build-out of infrastructure for the installation of an offshore natural gas production platform, marine pipeline, and onshore production facilities to bring proven natural gas reserves to market from Furie’s Kitchen Lights Unit in the Cook Inlet (“KLU”).
The offshore platform will be the first new Cook Inlet production platform installed since 2000, when the Osprey platform was installed at the Redoubt Shoal field. The KLU infrastructure will allow Furie to bring a newly discovered natural gas field online to diversify supply for the Kenai Peninsula, Mat-Su Valley and Anchorage areas. Going forward, Furie plans to continue its exploration and development program in the Kitchen Lights Unit, which is an 83,000-acre lease position.
“We are thrilled to form a partnership with a highly experienced capital provider in Energy Capital Partners. Their financial strength, industry relationships and midstream experience create a strong partnership,” said Damon Kade, Furie’s President.
“The strategic partnership with Furie is a great example of Energy Capital’s collaborative approach of applying its energy industry knowledge and creative capital to partner with an experienced team to build much-needed midstream assets,” said Nazar Massouh, who leads Energy Capital’s energy-focused mezzanine investment activities. “We are excited to launch a partnership with a team that has a solid track record in Cook Inlet.”
Latham & Watkins LLP acted as legal advisor to Energy Capital Partners. Stoel Rives LLP (Anchorage and Seattle offices) and Cogan & Partners, LLP of Houston, acted as legal advisors to Furie Operating Alaska, LLC.
About Furie Operating Alaska
Furie Operating Alaska is a growth-oriented independent oil & gas exploration company operating in the Cook Inlet region of Alaska. Furie is the operator of the Kitchen Lights Unit (approximately 83,000 acres), which includes a number of oil and gas leases owned by majority working owner Cornucopia Oil & Gas Company, LLC. For more information, visit http://www.furiealaska.com.
About Energy Capital Partners
Energy Capital Partners is an energy-focused private equity firm with over $13 billion in capital commitments and offices in Short Hills, Houston and San Diego. The firm is focused on investing in the power generation, midstream oil and gas, environmental infrastructure, renewable energy, electric transmission, and energy services sectors of North America’s energy industry. Its management has substantial experience leading successful energy companies and energy infrastructure investments. For more information, visit www.ecpartners.com.