TPH Partners said Monday that it had formed Clearfork Resources LLC, an independent oil and natural gas company focused on acquiring and developing conventional and unconventional reservoirs. The company, based in Fort Worth, Texas, will focus primarily in the state of Texas. With the formation of the company, Clearfork bought up three properties in North Texas. TPH Partners is the private equity arm of Tudor Pickering Holt & Co.
Glenn W. Reed, P.E., Jarvis (Jay) Moore, P.G. and TPH Partners, L.P. announced today that they have jointly formed Clearfork Resources, LLC (Clearfork), an independent oil and natural gas company headquartered in Fort Worth, Texas. Clearfork acquires and develops both conventional and unconventional reservoirs, primarily in Texas.
With the formation of Clearfork, the company completed three acquisitions – conventional oil producing properties in North Texas, acreage prospective for the oil and liquids-rich Barnett Shale in Montague County, and acreage prospective for the Wolfberry play in Andrews County, Texas. Clearfork plans to spud its first well in Andrews County this month.
Prior to forming Clearfork, Glenn Reed served as co-founder and Vice President of Operations for Approach Resources Inc., a NASDAQ listed company that was initially private equity backed, and was focused primarily on drilling and operations in the Permian Basin of West Texas. Jay Moore is an accomplished geologist and oil finder who has extensive experience throughout Texas, the Permian Basin, and the U.S. Gulf Coast with several prominent operators.
“I’m very excited about the opportunity set provided by this investment in Clearfork, which includes a balanced mix of proven, producing reserves combined with both conventional and unconventional exploitation opportunities in two different liquids-rich plays with outstanding economics,” said George McCormick, Managing Partner of TPH Partners, L.P. “I’m even more pleased to partner with a proven value-creator like Glenn. His knowledge and experience were absolutely critical to our investment decision.”
“We are pleased by TPH Partners’ confidence in our business strategy and are thrilled to have their support. We spent a lot of time with the TPH Partners team through the Clearfork formation process, and they share a similar vision for Clearfork. I’m confident they will be value-added partners as we leverage their expertise, industry relationships and market knowledge going forward,” said Glenn Reed.
About TPH Partners, L.P.
TPH Partners, based in Houston, Texas, is the private equity arm of Tudor, Pickering, Holt & Co., LLC, an integrated energy investment and merchant bank. TPH Partners makes private investments in the upstream, oilfield service and midstream subsectors of the energy industry.