Gary Petroleum partners with Old Ironsides Energy to buy upstream assets

Colorado-based Gary Petroleum Partners LP partnered with Old Ironsides Energy LLC, an oil and gas investment manager, to pursue the acquisition and development of upstream energy assets in the Permian Basin under the name Gary Permian LLC.

PRESS RELEASE

DENVER, March 17, 2016 /PRNewswire/ — Colorado-based Gary Petroleum Partners, LP (“Gary Petroleum”) today announced that it has formed a partnership with Old Ironsides Energy, LLC (“Old Ironsides”), a leading independent oil and gas investment manager, to pursue the acquisition and development of upstream assets in the Permian Basin under the name Gary Permian, LLC.  The Gary Permian management team is a group of seasoned energy professionals who possess broad upstream and midstream experience, ranging from conventional exploration in the Mid-Continent and deep onshore Louisiana to unconventional resource play development in the Piceance, DJ, Bakken, Eagle Ford and Permian Basins. The team’s initial focus will be on the acquisition and development of core Permian Basin assets, which they expect to begin assembling later this year.

Gary Permian’s management team is led by Chief Executive Officer Darrin Henke who has more than 25 years of operational experience at Encana Corporation, Tom Brown Inc. and Meridian Oil/Burlington Resources.  In his most recent position with Encana, Darrin was General Manager of the Southern Operating Area where he integrated the $7B+ acquisition of Athlon’s Permian assets into Encana while growing the production by 65% in the first year.

Samuel Gary Jr. and Craig Ambler, who have spent the past twenty-eight years as partners in Samuel Gary Jr. & Associates, Inc., will serve as Non-Executive Chairman and Non-Executive Vice Chairman, respectively, of Gary Petroleum.  Together they have built an organization that is on the forefront of the industry, leading strong management and technical teams into a series of major transformative projects.  To date, Samuel Gary Jr. & Associates, Inc. has generated over $1.4 billion in realized gains from production and asset sales.

As Chief Financial Officer, Lonnie Brock brings over 30 years of strong financial market experience to Gary Permian.  Lonnie has served as the CFO for four Denver-based public oil and gas companies, being influential in the acquisitions and financings that have grown the balance sheets of companies by more than 15x.  He has also successfully led numerous entities through the public IPO process.

Julia Gwaltney is serving as the Vice President of Strategic Planning and Development of Gary Permian.  Julia brings over 20 years of operational experience at Samson Resources, Encana Corporation and Burlington Resources.  Her areas of achievement have included acquisition assessment, risk analysis and evaluation of exploration and exploitation projects since the beginning of her engineering career.

CEO Darrin Henke stated, “As an experienced leadership team that brings together highly successful management and technical skills in the upstream sector, we are excited to align ourselves with Old Ironsides on this new venture.  We are confident that our broad spectrum of experience is the recipe for a highly successful effort as we target 10,000-30,000 acres in the cores of the Permian Basin.”

Sean O’Neill, Co-Founder and Managing Partner at Old Ironsides, added, “We are very pleased to form Gary Permian with this management team, who have been our partners for years in their prior endeavors.  The Gary Permian team is well-known and highly regarded, and brings a wealth of technical knowledge in all aspects of the upstream business.  We look forward to the partnership and Gary Permian’s future success.”

About Gary Permian

Gary Permian is a newly formed upstream company headquartered in Denver, Colorado, seeking a large scale Permian acquisition and development program.  The organization has proven skills in capital allocation, acquisition execution and operational excellence. www.garypermian.com

About Old Ironsides

Old Ironsides Energy, LLC is an independent oil and gas investment manager founded in 2013 by the former members of Liberty Energy Holdings, LLC. Since 2001, the team has built a multi-billion dollar platform for investing in energy private equity and drilling joint ventures, and has a history of creating value in the oil and gas business. www.oldironsidesenergy.com