Carnelian Energy Capital Management LP has invested in Percussion Petroleum LLC. Financial terms weren’t announced. Houston-based Percussion is an oil and natural gas company focused on acquiring and exploring opportunities in select onshore basins in North America.
HOUSTON, TX–(Marketwired – February 01, 2016) – Percussion Petroleum, LLC (“Percussion” or the “Company”) today announced the closing of an equity commitment from Carnelian Energy Capital Management, L.P. (“Carnelian”) through Carnelian’s fund, Carnelian Energy Capital, L.P.
Percussion, an independent oil and natural gas company headquartered in Houston, was formed to pursue an acquisition and exploitation strategy in select onshore basins in North America.
The founders of the Company, John Campbell III, Lupe Carrillo and Brian Zwart, previously worked together at two successful private-equity backed ventures, QR Energy, L.P. and Rockcliff Energy, LLC.
“We are excited to be partnering with Carnelian during this dynamic time in the energy markets,” said Campbell. “Carnelian’s financial expertise and value-added relationships, coupled with Percussion’s proven exploitation skill set, provide us the flexibility to move quickly as we evaluate and capture opportunities.”
Tomas Ackerman, a Carnelian Partner, said: “We are thankful to have the opportunity to team up with such highly talented and driven entrepreneurs. We look forward to working with them and are excited they chose Carnelian to be their partner in this venture.”
About Percussion Petroleum, LLC
Percussion is an independent oil and natural gas company based in Houston, Texas. Percussion focuses on acquisition and exploitation opportunities in select onshore basins in North America.
About Carnelian Energy Capital Management, L.P.
Carnelian is a private equity firm based in Houston, Texas. Carnelian focuses on lower and middle market energy investments requiring between $35 million and $75 million of equity capital in the North American upstream, midstream and oilfield services sectors.