Quantum Energy Partners has formed a partnership with oil and gas operating company Tug Hill to buy and develop oil and gas assets in North America. The partnership will be capitalized with an initial $450 million commitment from Tug Hill and Quantum.
Quantum Energy Partners (“Quantum”) and Tug Hill, Inc. (“Tug Hill”) are pleased to announce the formation of a partnership (“THQ” or the “Partnership”) to engage in the acquisition, development and exploitation of conventional and unconventional oil and gas assets in certain North American basins. The Partnership will be supported by an initial $450 million equity commitment from Quantum and Tug Hill.
Michael G. Radler (“Radler”) founded Tug Hill in 2007 and serves as its President and Chief Executive Officer. In 2007, Tug Hill partnered with Chief Oil & Gas (“Chief”) and collectively built a land position in excess of 600,000 acres in the Marcellus shale. Radler served as the interim Chief Operating Officer at Chief from 2009 to 2012 as the two companies developed and monetized portions of their Marcellus shale acreage. Tug Hill has participated in over 750 Marcellus shale wells to date and plans to continue to participate in the drilling and development of its Marcellus assets. Tug Hill will continue to manage its existing Marcellus and legacy properties outside of the Partnership.
Prior to founding Tug Hill, Radler co-founded Jetta Operating Company (“Jetta”) in 1991 and served as its President until 2007. Under Radler’s co-leadership, Jetta grew through acquisitions and drilling in various basins throughout the United States and operated in excess of 1,000 producing wells in 11 states.
Radler is supported by a highly experienced and entrepreneurial team, providing the Partnership with a strong acquisition and operating platform which will enable THQ to immediately begin executing its strategy. The Tug Hill team has a track record of creating significant value in both conventional and unconventional resource plays across multiple U.S. basins. Many of the senior leadership at Tug Hill have worked for Radler for the majority of their careers, including tenures at Tug Hill, Jetta, and Chief, and have proven operational execution capabilities.
“We are delighted to be partnering with Michael Radler who is a world class oil and gas entrepreneur and is supported by an exceptional team at Tug Hill. Michael has an outstanding track record of building and monetizing oil and gas companies over his more than 30-year career and we believe this experience will enable him to deliver superior opportunities and results in our new partnership,” said Wil VanLoh, President and CEO of Quantum Energy Partners.
“Establishing the partnership with Quantum uniquely positions Tug Hill to take advantage of a number of exciting exploration and development opportunities throughout the United States,” said Tug Hill President and CEO Michael Radler. “Tug Hill wanted to find a partner that is committed to adding long-term value, has an entrepreneurial culture, is able to navigate the capital markets and shares a common view on energy investing; we found all of these attributes with Quantum. Together, Tug Hill and Quantum bring a strong combination of technical, operating and financial skills that will allow the partnership to execute on a number of attractive opportunities in capital intensive shale plays and conventional fields.”
About Tug Hill
Founded in 2007, Tug Hill is a privately held oil and gas operating company based in Fort Worth, Texas with an office in Pittsburg, Pennsylvania and Boulder, Colorado. For more information on Tug Hill, please visit www.tug-hill.com or contact Evan Radler at (817) 632-5200.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $7.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com.