MIDLAND, Texas--()--Atlantic Operating, LLC (“Atlantic”) is pleased to announce that it has closed on a $150 million commitment of equity capital from Natural Gas Partners (“NGP”) through its recently closed fund, NGP Natural Resources X, L.P. (“NGP”). In addition to the commitment from NGP, Atlantic acquired working interests in producing wells and acreage from over 20 existing working interest owners in Atlantic operated properties in exchange for membership interests in the newly formed company.
“Atlantic’s operating experience and expertise in the Wolfbone will be instrumental as the company looks to optimize the vertical and horizontal development of its attractive asset base.”
Atlantic is a Midland, Texas-based company, the predecessor of which was founded by its CEO Richard Jennings in 1998. To date, Atlantic has amassed over 20,000 net acres in the southern Delaware Basin. The company will continue to focus on the vertical and horizontal development of its acreage in Reeves, Ward and Pecos counties, Texas as well as the growth of its land base in these counties.
“We are ecstatic over the opportunity to team up with NGP, the premier provider of capital to the oil and gas industry. This partnership with NGP will allow Atlantic to accelerate the drilling and development of our Delaware Basin assets in a timely fashion,” said Rick Jennings, CEO of Atlantic.
“We are delighted to partner with Rick and his management team on the continued growth and development of their Wolfbone position,” said Kenneth Hersh, CEO of NGP. “The Atlantic management team has been an early leader in this emerging play and we believe their continued proprietary deal flow and technical understanding of the play provides the platform for a very attractive investment opportunity.”
“Atlantic has assembled an enviable position in the Wolfbone and is well positioned to accelerate development with this capital infusion from NGP,” said Steve Marks of Marks Oil, Inc., one of Atlantic’s contributing working interest owners. “Atlantic’s operating experience and expertise in the Wolfbone will be instrumental as the company looks to optimize the vertical and horizontal development of its attractive asset base.”
About Natural Gas Partners
Natural Gas Partners is a family of private equity funds focused on the natural resources sector, which has managed over $10.5 billion in committed capital since its founding in 1988. NGP is part of the investment platform of NGP Energy Capital Management, a leading investment franchise in the natural resources industry, which together with its affiliates has managed over $13 billion in committed capital since 1988. For more information, visit NGP’s website at www.naturalgaspartners.com.