TPH Partners, the private equity arm of Tudor, Pickering, Holt & Co., has formed Principle Petroleum Partners. Dallas-based Principle is an upstream company focused on the acquisition and development of oil and gas properties in the Rockies, with a primary focus on the Big Horn Basin in Wyoming. TPH would not disclose how much it was committing to Principle. Scott Dobson, the former COO of Nimin Energy, is Principle’s president and COO while Scott Gladden is the EVP of Land and Business Development.
TPH Partners II, L.P., the middle-market energy private equity fund, is pleased to announce the formation of Principle Petroleum Partners LLC, an independent upstream company headquartered in Dallas, Texas. Principle focuses on the acquisition and development of oil and gas properties in the Rockies, with a primary focus on the Big Horn Basin in Wyoming.
Principle is led by an experienced management team with an established track record of success in their focus area. Company President and CEO, Scott Dobson, has spent a significant portion of his career focused in the Rockies, starting at Merit Energy Company and most recently as the Chief Operating Officer at Nimin Energy Corporation, where he led the development and sale of Nimin’s Big Horn Basin assets in 2012. Mr. Dobson is joined by Scott Gladden, EVP of Land and Business Development at Principle. Mr. Gladden has 11 years of experience in the oil and gas business, including 7 years with Merit Energy Company, where he served as General Counsel and Director of the Land Department.
“We are very happy to be in partnership with these two accomplished upstream veterans, Scott Dobson and Scott Gladden of Principle,” said George McCormick, Managing Partner of TPH Partners. “We look forward to spudding the first well this summer on Principle’s initial asset, and to adding more assets from its robust pipeline of potential transactions. These guys are strongly focused on a basin where their own experience, expertise and relationships should translate into great opportunities for attractive returns.”
“The company is well positioned to exploit an exciting opportunity set in the Big Horn Basin and continue pursuit of additional opportunities throughout the Rockies. We believe that our partnership with TPH Partners will provide us with considerable support toward the growth of Principle,” said Scott Dobson, President and CEO of Principle. “TPH Partners’ technical expertise, relationships and market knowledge will be accretive in the execution of Principle’s business plan, and we are extremely pleased to have the opportunity to work with this team.”
About TPH Partners II, 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. For more information on TPH Partners, please visit www.tphpartners.com.
About Principle Petroleum LLC
Principle Petroleum Partners LLC is an independent upstream company based in Dallas, Texas.