Endurance Resources Announces Initial Acquisition and Growth Capital Investment
DALLAS, Jan. 7, 2013 /PRNewswire/ — Endurance Resources Holdings, LLC, a Dallas-based E&P company, today announces a $100 million growth equity commitment from Lime Rock Partners, a global energy-focused private equity firm. The capital will allow Endurance Resources to acquire producing and development assets currently operated by the Endurance team and to pursue additional opportunities in the Bone Spring oil play in Lea and Eddy Counties, New Mexico.
Endurance Resources was founded by Don Ritter and Garrett Smith. With the initial investment of Lime Rock Partners’ commitment, Endurance Resources will continue the development of its producing oil properties, Bone Spring acreage, and other plays in the Delaware Basin. Mr. Ritter brings over 30 years of experience to his role as CEO of Endurance Resources, including senior engineering management positions at Mobil and GeoMechanics International. Mr. Smith, CFO of Endurance Resources, was formerly CFO of Pioneer Natural Resources and portfolio manager at BP Capital. The senior management team also includes Randall Harris, VP of Exploration, with over 35 years of E&P experience in the Delaware Basin, and Manny Sirgo, VP of Operations, a founder and operating executive of several Permian Basin-focused E&P companies.
Mr. Ritter said, “Over the last five years, the Delaware and other parts of the Permian Basin have led the American oil renaissance with new play concepts, large production increases, and the application of new technology and techniques. We are excited to be partnering with a group like Lime Rock, which has demonstrated considerable success in its existing investments in the Permian. We look forward to Endurance Resources creating significant value by developing our current drilling portfolio through application of our technical backgrounds and experience in the area, and becoming a key participant in the still unfolding story of the region.”
J McLane, a Managing Director of the Lime Rock Partners team, added, “We are thrilled to be partnering with the Endurance Resources team. They have developed an impressive asset base in the heart of the Bone Spring play and bring together a unique combination of technical leadership, broad industry experience, and local expertise in the Delaware Basin. We look forward to working closely with them as they apply their diverse skills and admirable entrepreneurial energy to one of the most exciting oil basins in the world.”
Established in 1998, Lime Rock Partners is a creative investment partner in building differentiated oil and gas businesses, side by side, with entrepreneurs every day. From five locations on three continents, the Lime Rock Partners team has helped build high-growth E&P, service, manufacturing, and technology companies. To each investment, the Lime Rock Partners team brings its specialist finance and operating expertise, global presence, technology leadership, people-centered strategies, and patient hard work to help its investors and portfolio company partners profit from operational growth. Lime Rock manages nearly $5.0 billion of private capital for investments in the energy industry through Lime Rock Partners and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. For more information, please visit www.lrpartners.com.
SOURCE Endurance Resources Holdings, LLC