Quantum PE firm forms new A&D company in the Woodlands
Houston private equity firm Quantum Energy Partners said Tuesday it formed a new oil and gas acquisition and development company, its second in the past three months.
Houston private equity firm Quantum Energy Partners[5] said Tuesday it formed a new oil and gas acquisition and development company, its second in the past three months.
The Woodlands-based energy firm, Rio Oil and Gas LLC, will aim to buy and develop conventional oil and gas assets in North American basins, armed with $300 million in capital from the private equity firm and management team members of Rio.
Quantum Energy tapped Alan Clemens[6] and Stacey Cude[7] to serve as CEO and as president and COO, respectively. Both Clemens and Cude had previously served in the private equity firm’s technical team: Clemens had worked as chief of geology and geophysics for the firm, while Cude worked as chief of engineering.
In April, the private equity firm formed another oil and gas acquisition and development company[8], Denver-based Jagged Peak Energy LLC, getting started with $400 million in capital.
The two deals follow a trend in private equity: More firms are backing energy companies[9] to buy and flip conventional oil and gas assets, or vertical drilling assets.
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Collin Eaton covers banking, finance and securities for the Houston Business Journal.
References
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