TPH Partners Closes Investment in Storm Peak Energy, Midland-Based E&P Company
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Thu, 05 Nov 2009 15:09:54 GMT |
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TPH Partners, L.P.
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Press Release |
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HOUSTON - (Business Wire) TPH Partners, L.P., a middle market energy private equity fund, announced the formation of Storm Peak Energy, LLC, a Midland, Texas-based company focused on the acquisition and development of oil and gas properties in the Permian Basin. The company is headed by seasoned Permian Basin operators, David Cox, 48, who serves as President and lead reservoir engineer; Bill Coggin, 55, as CFO; and Mark Ellerbe, 49, is VP of Operations. Cox and Ellerbe have worked in the area for approximately 25 years, both together at Mobil Oil as well as separately for other private-equity backed companies. TPH Partners owns a majority of the company and will contribute at the Board of Directors’ level. “The Permian Basin offers an excellent opportunity set for operators with the right expertise and relationships,” said Joe B. Foster, Chairman of TPH Partners. “We are very pleased to be partnering with this high quality Midland-based team in its effort to build a new company. David, Bill and Mark have spent essentially their entire careers in the Basin and have demonstrated an ability to create value.” As its first operating activity, Storm Peak is partnering with another established operator on the exploitation of an acreage block in one of the Basin’s horizontal oil plays. TPH Partners makes equity investments in the energy industry with a specific focus on the upstream, oilfield services and midstream subsectors. TPH Partners’ other current portfolio companies include: BlueRock Energy Capital, an upstream finance business; Ingrain, Inc., a digital rock physics company; Meritage Midstream Services, a gathering and processing company; and UniversalPegasus, an engineering firm focusing primarily on the US onshore market and international subsea market. Additional information on TPH Partners can be found at www.tphpartners.com. Storm Peak Energy is headquartered in Midland, Texas. | Storm Peak Energy, LLC | | 301 E. Wall Street | | Midland, Texas 79701 | | 432.686.1994 | Photo of Storm Peak management team available upon request
TPH Partners
Alexandra Pruner, 713-333-2998
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