Quantum Energy Partners, a private equity firm that focuses on the energy sector, said Tuesday that it has formed Rio Oil and Gas with over $300 million in capital commitments. The new company will be led by founders Alan Clemens, who will serve as Rio’s CEO and Stacey Cude, who will serve as president and COO. Based in The Woodlands, Texas, Rio will focus on acquiring and developing oil and gas assets in select North American basins.
HOUSTON, TX–(Marketwired – Jul 9, 2013) – Quantum Energy Partners (“Quantum”) is pleased to announce the formation of Rio Oil and Gas, LLC (“Rio” or the “Company”) together with its founders, Alan Clemens (“Clemens”) and Stacey Cude (“Cude”).
Rio will engage in the acquisition and development of oil and gas assets, primarily focusing on conventional plays in select North American basins where the team has prior experience. Quantum and members of the management team have collectively made capital commitments in excess of $300 million to the Company.
The Rio team will be led by Clemens as Chief Executive Officer and Cude as President and Chief Operating Officer. Prior to founding Rio, Clemens and Cude were senior members of Quantum’s technical team, serving as Chief of Geology and Geophysics and Chief of Engineering, respectively. Clemens’ prior experience includes serving as a member of the Southwestern Energy’s leadership team, as well as prior experience with Zilkha Energy and Enron Oil and Gas. Cude’s prior experience includes serving as a member of Legado Resources’ leadership team and various management positions with Anadarko Petroleum.
Wil VanLoh, President and CEO of Quantum, commented, “Quantum is pleased to continue our partnership with Clemens and Cude as they launch Rio. Given this team’s experience, we are confident that their proven exploitation, execution, and capital allocation capabilities will enable them to deliver superior returns.”
Clemens remarked on the closing, “Quantum, Stacey, and I have spent considerable time together as a team. We have calibrated and sharpened how we each view risk and capital allocation. This has created a unique and powerful partnership that will enable us to invest and execute at a high level. We see a great opportunity in the market today to capture conventional assets that are rich in re-development potential. We are excited to continue our partnership with Quantum, whose strong financial sponsorship and energy industry expertise provides a great complement to our team.”
About Rio Oil and Gas, LLC
Based in The Woodlands, Texas, Rio will focus on the acquisition and exploitation of onshore U.S. growth-oriented E&P opportunities. The organization has proven skills in capital allocation, acquisition execution, and operational excellence.
About Quantum Energy Partners
Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates, more than $6.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com.