Houston-based upstream exploration and development company Falls City E&P LLC has agreed to buy core South Texas acreage from unnamed sellers. No financial terms were disclosed. Falls City is owned by Framework Capital, Petoil Overseas and Reveille Oil & Gas.
HOUSTON–(BUSINESS WIRE)–Falls City E&P, LLC, (“Falls City” or “Company”) a Houston-based upstream exploration and development company, announced that it has entered into a definitive agreement with undisclosed sellers to acquire core South TX acreage. Falls City is owned by Petoil Overseas, the US affiliate of Petoil, Framework Capital, a leading Houston-based private equity firm and Reveille Oil & Gas who will serve as the operator for the Company. Reveille is led by long-time energy executive David Daniel.
Based in Ankara, Turkey, Petoil is an independent upstream company with exploration and production assets throughout the globe. Founded in 1990, their management team is led by Chairman Dr. Guntekin Koksal and General Manager Dr. Ali Ak. “We are pleased to bring our global operating experience to Falls City and our newly acquired South TX acreage. The US has been a market of interest for us and this is the right timing for us with the right partners,” said Dr. Ak.
“In this market, upstream investments require an insight and execution plan that addresses several different scenarios. We believe in the fundamentals of this project and are looking forward to its development,” said Jerry McGee, Managing Partner of Framework Capital. Framework will provide technical and management resources to support the operation working in conjunction with Reveille Oil and Gas.
“This is a project we are very excited about and having great partners makes this a perfect scenario for us,” said Reveille President David Daniel. Mr. Daniel previously held senior positions in operations and engineering with Unocal and other private equity-backed companies. Statesman Corporate Finance served as advisor to Reveille for this transaction.
ABOUT PETOIL OVERSEAS
Petoil was first established in 1990 as a member of Pet Holding Group, a renowned Turkish company based in Ankara that is also active in mining, construction, land development and tourism. Petoil’s proven management team has a strong track record in acquiring, exploring and developing oil and gas opportunities. Among their many other accomplishments, Petoil was the first international oil company to operate in Azerbaijan and Kurdistan. Additional information can be found at http://www.petoil.com.tr/.
ABOUT FRAMEWORK CAPITAL
Framework Capital is an investment firm that Builds Great Businesses™ by focusing leadership on alignment and execution and working alongside to encourage or assist them when necessary. Framework provides capital investment and operational know-how that result in a highly-engaged workforce. Framework is headquartered in Houston, Texas with offices in Newport Beach, California and Henderson, Nevada. Additional information can be found at http://www.frameworkcapitalpartners.com.