Natural Gas Partners (NGP) made a $150 million equity commitment to Black Mountain Oil & Gas LLC, an energy company based in Fort Worth, Texas. NGP invested from NGP Natural Resources XI LP, its $5.325 billion private equity fund.
Black Mountain Oil & Gas, LLC (“Black Mountain” or the “Company”) is pleased to announce the closing of a $150 million equity commitment from Natural Gas Partners (“NGP”) through NGP Natural Resources XI, L.P., the most recent NGP private equity fund focused on natural resources.
The Black Mountain management team combines expertise in geology, engineering, land and A&D in conventional and unconventional oil and gas reservoirs. The Company is applying its multi-disciplinary approach across the most prolific producing regions in the Lower 48 with a current focus on the Delaware Basin in Texas and New Mexico.
“Our partnership with NGP will allow us to evaluate a broad opportunity set and move quickly when we identify a clear line of sight to value creation,” said Rhett Bennett, Founder and CEO of Black Mountain. “This is a unique and challenging market, but one that we believe will create opportunity with the right partner.”
“We are excited to enter into a partnership with the Black Mountain management team,” said Chris Carter, Managing Partner of NGP. “Rhett and the Black Mountain management team have a demonstrated track record of value creation, and we believe that they are well positioned to grow a successful company in the current environment. We are proud to be their partner.”
About Black Mountain
Black Mountain is an independent oil and gas company based in Fort Worth, Texas. The first Black Mountain company was founded in 2007; since that time it and its successors have leased over 200,000 acres in various resource plays across six basins and five states and acquired mineral and royalty interests in over 10,000 oil and gas wells covering 800,000 gross acres in 11 states. Visit Black Mountain at www.blackmtn.com.
About Natural Gas Partners
Founded in 1988, Natural Gas Partners (“NGP”) is a family of private equity investment funds, with approximately $16.5 billion of cumulative equity commitments, organized to make investments in the natural resources sector. NGP is part of the investment platform of NGP Energy Capital Management, a premier investment franchise in the natural resources industry. In addition to NGP, NGP Energy Capital Management’s investment platform includes NGP Global Agribusiness Partners, and NGP Energy Technology Partners. Visit NGP at www.naturalgaspartners.com.