KKR partners up with Fleur de Lis Energy to invest in North America oil and gas assets

KKR has teamed up with energy firm Fleur de Lis Energy to form a partnership that will make investments in producing oil and gas properties in North America. The partnership will join KKR’s Natural Resources platform.


DALLAS, March 27, 2014 – Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) and Fleur de Lis Energy, LLC (“FDL”) today announced a new partnership to pursue investments in producing oil and gas properties in North America. The partnership will be part of KKR’s Natural Resources (“KNR”) platform.
Founded by Porter Trimble, former Vice Chairman of Merit Energy Corporation, Fleur de Lis Energy specializes in the acquisition and exploitation of producing conventional and unconventional oil and gas assets in North America. Mr. Trimble has 25 years of oil and gas experience and over the course of his career has successfully led the acquisition of over $6 billion of upstream oil and gas assets both domestically and internationally.
George R. Roberts, co-CEO and co-Chairman of KKR, stated, “We have a long history of backing proven management teams. Porter and the team he has assembled at FDL have a long and successful track record of owning and operating oil and gas assets, making them the perfect partner for our platform. We look forward to working with them to continue building our natural resources effort.”
The commercialization of unconventional oil and gas reservoirs has created new opportunities to grow and develop domestic energy resources. KNR was formed in 2010 to capitalize on this shift by developing a business to acquire and operate producing oil and gas properties that are considered non-core by companies looking to focus their portfolio on high-growth unconventional development opportunities. To date, KNR has completed six separate transactions, acquiring nearly $1.2 billion of assets in Texas, Louisiana, and Mississippi.
“Porter Trimble and FDL bring the deep industry experience, technical insights and operating capabilities we are looking for in a partner. Together we think we are a differentiated buyer of non-core assets from companies looking to raise capital and free up the management time and attention that those assets currently consume,” said Jonathan Smidt, a Member of KKR and Head of KKR Natural Resources.
Porter Trimble, CEO of Fleur De Lis Energy added, “We are excited to partner with KKR, the finest global investment firm in business today. KKR is a strong partner, sharing the same strategy, values and vision as FDL. Together we will acquire high quality oil and gas assets that will provide consistent long term returns to our investors.”
KNR’s current portfolio of assets in Texas, Louisiana and Mississippi will continue to be operated by Premier Natural Resources. In aggregate, current production from those assets is approximately 130 million cubic feet equivalent per day (MMcfe/d).
KKR’s Global Energy & Infrastructure business invests across the entire energy supply chain. Since 2009, KKR, through its investment funds and vehicles, has invested or committed approximately $4.3 billion to oil and gas investments spanning buy-outs, minority equity investments, joint-ventures, and various asset-level and structured investments, making KKR one of the more active private-market investors in the oil and gas space during this period.
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $94.3 billion in assets under management as of December 31, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR) and “KKR”, as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate. For additional information, please visit KKR’s website at www.kkr.com.
About Fleur de Lis Energy
Fleur de Lis Energy, L.L.C., (FDL) is a private energy firm with over $1 Billion of available capital to acquire, operate and exploit oil and gas assets in North America. Headquartered in Dallas, TX, FDL’s goal is to generate attractive risk adjusted returns and stable cash distributions to its investors through the acquisition, exploitation and operation of a diverse portfolio of oil and gas properties in North America. The FDL management team has successfully executed this strategy through all of the varying market cycles in the past 25 years. For more information, please visit FDL’s website at www.fdlenergy.com.
About Porter Trimble
With over 25 years of oil and gas experience, Porter Trimble is the President and Founder of Fleur de Lis Energy, which specializes in the acquisition and exploitation of both conventional and unconventional oil and gas assets in the US. He brings a long and successful track record, having purchased over $6 billion of domestic and international energy assets over the course of his career. He has established himself as a reliable and credible counterparty within the energy industry. He has developed and maintained valuable relationships enabling significant deal flow and off market opportunities. Prior to founding Fleur de Lis Energy, he was the Vice Chairman of Merit Energy Company where he was essential to the growth of the company for over 20 years. Prior to Merit, he was with Graham Resources, Inc. and Amoco Production Company. He graduated with an ME in Petroleum Engineering in 1986 and a BS in Petroleum Geology from Louisiana State University in 1984.