Wing Resources IV LLC said Aug. 28 that it raised $100 million in commitments from NGP. Wing IV is a Permian Basin focused mineral and royalty acquisition company.
DALLAS–(BUSINESS WIRE)–Wing Resources IV, LLC (“Wing IV”) is pleased to announce it has raised $100 million of new equity commitments from NGP through NGP Natural Resources XII, L.P., the most recent NGP private equity fund focused on natural resources.
Wing IV is a Permian Basin focused mineral and royalty acquisition company led by Nick Varel (CEO), Josh Strange (EVP, Land), Jimmy Elskes (CFO), Joe Rogers (VP, Engineering) and Trey Hargrove (VP, Geoscience). Wing IV is the management team’s fourth partnership with NGP.
Nick Varel, CEO of Wing IV, commented, “We are excited to continue our partnership with NGP to build a premier mineral and royalty acquisition platform focused on delivering superior risk-adjusted returns to its stakeholders. The Wing IV team believes our mineral and royalty expertise, along with strong equity backing and market relationships, will enable us to continue creating value in today’s dynamic environment. The financial commitment and investment experience of NGP, coupled with the over 70 combined years of experience of Wing IV’s management team will allow us to continue our growth strategy.”
“NGP is excited and grateful to partner with the Wing IV team,” said James Wallis, Partner at NGP. “We are thrilled to work again with such an energetic, disciplined and skilled company and are pleased to continue the partnership. We respect the dynamic culture, entrepreneurial instincts, and market vision that will position Wing IV for success.”
For more information about Wing IV, please visit www.wingoilandgas.com.
Founded in 1988, NGP is a premier private equity firm with approximately $20 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors.
For more information about NGP, please visit www.ngpenergycapital.com.