Ridgemont Equity Partners and Post Oak Energy Capital have announced a $100 million capital commitment to the management team of Titan River Energy. Titan River’s management team will be co-investing alongside Ridgemont and Post Oak. No other financial terms of the transaction were disclosed. Titan River is a newly formed oil and gas company headquartered in Fort Worth, Texas, with an additional office in The Woodlands.
Charlotte, NC and Houston (March 27, 2013) – Ridgemont Equity Partners (Ridgemont) and Post Oak Energy Capital (Post Oak) today announced a $100 million capital commitment to the management team of Titan River Energy, LLC (Titan River). Titan River’s management team will be co-investing alongside Ridgemont and Post Oak. No other financial terms of the transaction were disclosed.
Titan River is a newly formed oil and gas company headquartered in Fort Worth, Texas, with an additional office in The Woodlands. Titan River will initially focus on the drilling and development of oil-prone shale plays in Texas. The company’s management team includes Chip Simmons, CEO; Lee Matthews, President and COO; Don Pearce, EVP of drilling operations; Kent Bowker, EVP of Geology; and Brennan Potts, VP of Land and Business Development. The management team has a proven track record with extensive experience in the geologic assessment, drilling and completion of over 400 horizontal wells in several major shale plays, with a recent focus on the Eagle Ford Shale.
“The Titan River team is privileged to have access to the financial support and industry knowledge of Ridgemont and Post Oak,” said Chip Simmons, CEO of Titan River. “I also feel fortunate to be partnered with such a high caliber management team. We are anxious to pursue our business model of converting acreage into reserves via drilling joint ventures, farm-ins and organic leasing opportunities.”
Lee Matthews, President and COO of Titan River, added: “It has been a lifelong goal of mine to form an upstream operating company that has strong technical expertise, financial strength and an entrepreneurial structure designed to responsibly develop the tremendous resources our nation has to offer. I am delighted to be a part of this veteran management team and to grow Titan River with the strong financial backing of Ridgemont and Post Oak.”
“The principals of Ridgemont have known Chip Simmons for many years. We have great appreciation for his abilities and much respect for Titan River’s technical team, led by Lee Matthews,” said John Shimp, Partner at Ridgemont. “We look forward to working with Chip, Lee and our partners at Post Oak.”
“We are pleased to be involved with Ridgemont, as well as Chip and Lee, in creating Titan River,” said Frost Cochran, Managing Director at Post Oak. “We believe that the combination of management talent at Titan is optimal for creating a successful company in the current domestic oil and gas market.”
About Titan River:
Titan River Energy is a Fort Worth-based oil and gas company focused on the drilling and development of unconventional resources in Texas. Titan River will initially focus on oil-prone shale resources via joint ventures, farm-ins and organic leasing opportunities. Titan River is managed by a team of proven operational experts in horizontal drilling and hydraulic fracturing techniques, complemented by substantial geologic capabilities. Ridgemont Equity Partners and Post Oak Energy Capital committed $100 million to Titan River in March 2013, alongside investments by management. www.titanriverenergy.com.
About Ridgemont Equity Partners:
Ridgemont Equity Partners is a Charlotte-based private equity firm that specializes in middle market buyout and growth equity investments. Since 1993, the principals of Ridgemont have invested over $3 billion in more than 110 companies. The firm focuses on investments of $25 million to $75 million in industries in which it has deep expertise, including basic industries and services, energy, healthcare, and telecommunications/media/technology.
About Post Oak Energy Capital:
Post Oak Energy Capital, which was established in 2006, is based in Houston, Texas. Its management team has executive management experience and a broad network in the energy business as well as significant expertise in private equity investments, operations, development, finance, acquisitions and divestitures. The firm pursues private equity investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oil field services and related infrastructure. Post Oak works in close partnership with operating management teams to build businesses, accelerate growth and enhance shareholder value.
Bill Haynes, Ridgemont Equity Partners
Kelly Kimberly, Post Oak