Trail Ridge Energy Partners, LLC Announces $40 Million Private Equity Commitment and Texas Panhandle Acquisition
Posted on: Tuesday, 8 April 2008, 12:00 CDT
DALLAS, April 8, 2008 /PRNewswire/ -- Trail Ridge Energy Partners, LLC ("Trail Ridge"), a private oil and gas company headquartered in the Dallas/Fort Worth area, announced it has received an equity commitment of $40 million from Kayne Anderson Energy Funds and from Trail Ridge management for the acquisition and development of oil and gas assets in the Midcontinent region. Rivington Capital Advisors, LLC, and its affiliate, Rivington Securities, LLC, acted as financial advisor and placement agent to Trail Ridge for the financing.
Trail Ridge was formed by Ron Wade and Chuck Cederberg with a focus on strategic acquisitions and development of assets located primarily in the Midcontinent region of the United States. Ron Wade, President and Chief Executive Officer of Trail Ridge, has more than 25 years of oil and gas experience. Prior to forming Trail Ridge, Ron was the Vice President of Engineering with Redman Energy, a private Houston-based oil and gas company. Chuck Cederberg, Chief Financial Officer of Trail Ridge, has more than 33 years of experience in accounting and finance positions with oil and gas companies, most recently serving as Chief Financial Officer for Redman Energy.
"We are very pleased to have Kayne Anderson as our partner, and believe with their financial strength, we are competitively positioned to achieve the goals we have set for Trail Ridge," stated Ron Wade. "We look forward to developing our first of many acquisitions and securing additional acreage and development drilling opportunities in the Midcontinent region of the United States. We are deeply committed to achieving success for our capital and operating partners."
About Trail Ridge Energy Partners, LLC
Trail Ridge Energy Partners, LLC is a Dallas/Fort Worth-based oil and natural gas exploration and development company focused on the acquisition, development and exploration of oil and natural gas in the Midcontinent region of the United States. The company's strategy is to acquire and exploit assets with upside potential through: production optimization and cost savings, drilling and automation technology, fracturing and commingling, and secondary and tertiary recovery operations.
About Kayne Anderson Energy Funds
Established in 1998, Kayne Anderson Energy Funds manage $1.85 billion of committed capital for energy private equity investments. With offices in Houston, Texas and Los Angeles, California, Kayne Anderson invests private capital in high-growth exploration and production, midstream and oilfield services companies. For more information on Kayne Anderson's energy private equity investing, please visit http://www.kaynecapital.com/, or contact either Danny Weingeist at 713-655-7351 or Bob Sinnott at 310-284-5508.
About Rivington Capital Advisors, LLC
Rivington Capital Advisors, LLC is an independent investment banking firm specializing in private capital and mergers and acquisition (M&A) transactions for the small and mid-cap energy sectors. Founded in 2002, Rivington has successfully closed 45 transactions having a total transaction value exceeding $2.6 billion. Rivington's services include assistance in all phases of the capital raising or M&A transaction process, including due diligence, deal structuring and marketing, development of marketing materials and presentations, negotiation of deal terms and documentation and overall management of the process.
Cautionary Statement for Investors
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, particularly any express or implied statements concerning future financial condition or operating results. Although Trail Ridge Energy Partners, LLC believes that the expectations reflected herein are reasonable, the matters discussed in this release involve risks, uncertainties, and other factors that may delay, prevent or adversely affect the transaction or its planned activities and operations. There can be no assurance that such expectations will prove correct. All forward-looking statements are expressly qualified by this cautionary statement.
Trail Ridge Energy Partners, LLC
CONTACT: Ronald D. Wade, President and CEO of Trail Ridge EnergyPartners, LLC, +1-817-683-6811; or Scott A. Logan, Co-Manager of RivingtonCapital Advisors, LLC, +1-303-225-0900; or Danny Weingeist, +1-713-655-7351,or Bob Sinnott, +1-310-284-5508, both for Kayne Anderson Energy Funds
Web site: http://www.rivingtoncap.com/http://www.kaynecapital.com/
Source: PRNewswire
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