Crossing Rocks Energy Partners, a newly formed company focused on acquiring, developing and monetizing North American oil and gas related assets primarily in the mid-continent, East Texas and Permian basins, has received an undisclosed investment from Natural Gas Partners. No financial terms were disclosed.
FORT WORTH, Texas, Jan. 8, 2015 /PRNewswire/ — The management team of Bruce Selkirk, Scott Lakey, Preston Windham and Kevin Duncan today announced the formation of Crossing Rocks Energy Partners, LLC (“Crossing Rocks” or the “Company”) and the closing of an equity financing with Natural Gas Partners, through its affiliate, NGP Natural Resources XI, L.P. (“NGP”). Crossing Rocks is focused on acquiring, developing and monetizing North American oil and gas related assets primarily in the Mid-continent, East Texas and Permian basins.
Bruce Selkirk, Chief Executive Officer, said, “During my 24 year relationship with NGP, initially as an employee and, later as a principal of NGP-backed portfolio companies, we have together overcome challenges and experienced success. Regardless of the circumstances, NGP has always been a patient, supportive and value-added partner. I look forward to continuing our profitable relationship in this venture and more to come.”
David Hayes, Managing Director of NGP, commented, “The Crossing Rocks team is well-positioned to benefit from the volatility that currently exists in today’s marketplace. Our confidence in the principals’ financial and technical capabilities is reflected in the significant equity commitment we have made to the Company.”
Crossing Rocks is located at 301 Commerce St, Suite 2001, Fort Worth, Texas, 76102.
About Natural Gas Partners
Founded in 1988, Natural Gas Partners is a family of private equity investment funds with cumulative committed capital of over $14.5 billion since inception, organized to make investments in the natural resources sector. Natural Gas Partners is part of the investment platform of NGP Energy Capital Management, a premier investment franchise in the natural resources industry, which together with its affiliates has managed over $17 billion in cumulative committed capital since inception. www.naturalgaspartners.com