TPG Capital said Wednesday that is has formed Petro Harvester Oil & Gas to invest in oil and gas producing properties in North America. Petro Harvester, of Houston, is led by Gareth Roberts, the founder and former CEO of Denbury Resources. Petro Harvester, Wednesday, also inked its first deal with an agreement to buy the long-life oil and gas properties located in Mississippi of Comstock Resources. Financial terms were not announced. TPG is a PE firm.
TPG Capital (“TPG”), a leading global private investment firm, said today it has formed a new venture, Petro Harvester Oil & Gas, LLC, to invest in oil and gas producing properties in North America. TPG expects the company will acquire substantial exploration and production (“E&P”) assets over the next several years. Petro Harvester Oil & Gas (“Harvester”) will initially focus on conventional E&P assets where it believes there are opportunities to drive increased production through operational focus.
Harvester announced today that a wholly-owned subsidiary has entered into an agreement to acquire long-life oil and gas properties located in Mississippi from Comstock Resources, Inc. (NYSE:CRK). The purchase is expected to close prior to year end and is subject to customary due diligence by Harvester and certain closing conditions.
The Harvester team is led by chairman Gareth Roberts, the founder and former CEO of Denbury Resources. TPG was an early investor in Denbury Resources in 1995 and has had a close relationship with Mr. Roberts since that time. Harvester’s leadership team includes Jim Sinclair as President of Operations and Mark Roach as President of Acquisitions. In addition, Harvester employs a technical staff with deep industry expertise located in Houston and Dallas.
Mr. Roberts stated, “We are very pleased to announce the launch of Harvester, which will leverage our team’s experience to acquire E&P assets that can flourish with greater operational focus. TPG Capital is an ideal partner in this venture. They share our vision and bring significant financial resources, and also offer a wealth of expertise, having executed a broad array of transactions in the energy sector.”
“Harvester represents an exciting opportunity for TPG,” said Michael MacDougall, partner, TPG. “Based on our experience in the space, we believe the best way to achieve scale in this market is to employ a full-time, dedicated team with a broad range of skills and substantial industry experience. The Harvester team’s experience and their technical capabilities will be invaluable as we seek to capitalize on oil and gas opportunities that can benefit from high quality management and operational focus.”
About Petro Harvester Oil & Gas
Houston-based Petro Harvester Oil & Gas is an exploration and production company focused on acquiring and operating oil and gas producing properties. The company’s employees have a long history of executing transactions in the sector as well as applying operational improvements to drive increased production. Harvester is led by its non-executive chairman Gareth Roberts and a group of senior executives with extensive industry experience. Harvester is backed by affiliates of TPG Capital.
About TPG Capital
TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with more than $47 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. Prior investments by the firm in the energy sector include Alinta Energy, Belden & Blake Corporation, Copano Energy, Denbury Resources, Energy Future Holdings (formerly TXU Corp.), Texas Genco Holdings, and Valerus Compression Services. TPG also recently announced the planned purchase of Marathon Oil Corporation’s St. Paul Park refinery, related infrastructure, and distribution assets. Other notable TPG investments include Alltel, Beringer Wine Estates, Burger King, Continental Airlines, Harrah’s Entertainment, IMS Health, J.Crew, Kraton Performance Polymers, Neiman Marcus, and Sabre Holdings.