BOSTON, Sept. 10, 2015 /PRNewswire/ ArcLight Vitality Companions Fund VI, L.P., a non-public fairness fund managed by ArcLight Capital Partners, LLC (“ArcLight , alongside the Aspect Petroleum, L.P. administration staff (“Management have agreed to kind Factor Petroleum III, LLC (“Element III with a $200 million aggregate equity dedication. The capital will likely be used to search out, develop and acquire oil and gasoline reserves and production, primarily in the Permian Basin. “ArcLight is pleased to be partnering once more with the experienced team at Ingredient, mentioned Daniel Revers, ArcLight Managing Companion.
Component III marks the third partnership between ArcLight and Administration, dating again to associates of Ingredient Petroleum founded in 2006. During the first two ventures, Administration centered on finding and growing acreage prospective for vertical Wolfberry exploitation and, extra lately, horizontal exploration and development of the Wolfcamp and Spraberry shales. Up to now, Administration has drilled over 300 wells on over a hundred and twenty,000 acres within the Permian Basin, together with the first profitable horizontal Wolfcamp effectively inHoward County, Texas in May 2013. Administration has targeted Element on Howard, Glasscock, Martin, and Dawson counties, Texas. “We could not be extra excited to proceed our partnership with ArcLight throughout this transformative time within the energy sector, saidTodd Gibson, Element’s President and CEO.
About Component Petroleum III, LLC
Factor III is an oil and gasoline exploration and manufacturing firm headquartered in Midland, coal Gasification TX. Component III will be led by lengthy-time President and CEO Todd Gibson, in addition to Eric Hopper, Jamie Small Refinery Equipment manufacture and Jiri Klubal.
About ArcLight Capital
ArcLight is without doubt one of the main non-public equity companies targeted on North American and Western European power assets. Since its institution in 2001, ArcLight has invested over $12.Eight billion across multiple power cycles in more than ninety power, midstream, and production assets. Headquartered in Boston, MA with an additional office in Luxembourg, the firm’s funding team brings extensive vitality experience, industry relationships, and specialized worth creation capabilities to its portfolio. Extra details about ArcLight, as well as a whole checklist of ArcLight’s portfolio corporations, could be discovered at http://arclightcapital.com.
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Component Petroleum III launches with $200 mln commitments
ArcLight Capital Partners LLC and Factor Petroleum LP have agreed to type Ingredient Petroleum III with $200 million in commitments. Midland, Texas-primarily based Ingredient III is an oil and fuel exploration and manufacturing company. Element III can be led by President and CEO Todd Gibson, as well as Eric Hopper, Jamie Small and Jiri Klubal.
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