Natural Gas Partners has agreed to commit $200 million to PCORE Exploration & Production II LLC. Dallas-based PCORE II is an exploration and production company that is focused on developing core unconventional oil prospects in North America. Mark Hiduke, David Hall, Colin O’Farrell and Billy Hannes lead PCORE II. The founders were previously leaders of PCORE Exploration & Production LLC, which was founded in May 2014 and sold in January 2016.
DALLAS–(BUSINESS WIRE)–PCORE Exploration & Production II LLC (“PCORE II”) is pleased to announce it has raised $200 million of equity commitments from Natural Gas Partners (“NGP”) through NGP Natural Resources XI, L.P., the most recent NGP private equity fund focused on natural resources, and the PCORE II management team. Based in Dallas, Texas, PCORE II is an exploration and production company driven by subsurface understanding and engineering execution and is focused on developing core unconventional oil prospects in North America.
PCORE II is led by Mark Hiduke, David Hall, Colin O’Farrell and Billy Hannes. The founders were previously leaders of PCORE Exploration & Production LLC (“PCORE I”), which was founded in May 2014 and sold in January 2016. Prior to founding PCORE I, the management team served in various roles as managers, technical specialists and attorneys at Pioneer Natural Resources, SM Energy and Norton Rose Fulbright. The team has participated in over $6 billion of A&D activity and brings 60+ years of industry experience to PCORE II.
“After a successful partnership on our prior company, we are excited to form PCORE II with NGP. David, Colin, Billy and I, together with the entire PCORE team, look forward to creating significant value for our investors in this opportunistic environment,” Mark Hiduke, CEO, said.
“NGP is excited and grateful to once again partner with the PCORE team,” Craig Glick, Senior Managing Director of NGP, said. “We are thrilled to continue working with such an energetic and skilled team and could not be happier to have them in the NGP family.”
Founded in 1988, Natural Gas Partners (“NGP”) is a family of private equity investment funds, with approximately $17 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.