Vortus Investment Advisors and Stateline Operating have teamed up to develop assets in the Delaware Basin. No financial terms were disclosed. Kirkland & Ellis LLP served as legal counsel to Vortus while Shearman & Sterling LLP served as legal counsel to Stateline. Stateline is a newly formed operating and development joint venture between Vortus and Flat Creek Resources.
FORT WORTH, Texas–(BUSINESS WIRE)–Vortus Investment Advisors, LLC (“Vortus”), a Fort Worth, Texas-based private equity firm focused on lower to middle market upstream investments across North America, today announced a new partnership with Stateline Operating, LLC (“Stateline”). Headquartered in Fort Worth, Texas, Stateline is a newly formed operating and development joint venture between Vortus and Flat Creek Resources (“Flat Creek”). Stateline will be managed by Flat Creek with an initial focus on the development of existing oil-rich assets in Eddy County, New Mexico in the Delaware Basin.
“We are excited to partner with this management team, which has proven expertise and demonstrated success in this region,” said Jeff Miller, Managing Partner at Vortus. “This partnership further demonstrates our focus on strong investor alignment.”
Brian Crumley, Managing Partner at Vortus, added, “Looking to the future, Vortus will continue to evaluate additional partnership opportunities with the Flat Creek team in the Permian Basin, as well as other attractive domestic oil and gas resource plays across the country.”
Mike McCracken, Stateline’s CEO, added, “We are excited to partner with Vortus to develop one of the most economic plays in the United States with a focus on environmentally responsible operations. We value the Vortus support and courage of conviction.”
Kirkland & Ellis LLP served as legal counsel to Vortus with a team led by Dallas partner Thomas Laughlin and Houston partner Shubi Arora. Shearman & Sterling LLP served as legal counsel to Stateline with a team led by Houston partner Sarah McLean.
About Vortus Investment Advisors, LLC
Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit www.vortus.com.
About Stateline Operating, LLC
Stateline Operating, LLC is a privately held, independent oil and natural gas company based in Fort Worth, Texas. Stateline acquires, develops, and produces oil and gas properties in the Permian Basin and other domestic resource plays. For more information, please visit www.statelineoperating.com