Newly hatched independent Amistad Energy Partners LLC, run by veterans of BP plc's North American operations, has opened for business in Houston with an eye on acquiring and developing U.S. onshore properties.
The privately held exploration and production (E&P) company has received a $150 million commitment from Kayne Anderson Energy Funds, including funding by the Amistad management team.
"The company will consider opportunities throughout select North American basins, with an initial focus on the Midcontinent, Permian Basin and East Texas regions," said Amistad's management, which is led by Chairman and CEO Bryant Chapman.
Chapman worked for BP for 33 years. Until last December he was vice president of operations for BP America, where he oversaw the Lower 48 operations. Previously, Chapman was in charge of the North American gas business unit and formerly was vice president of engineering, global operations.
Three other BP North American gas business unit veterans have joined the executive team -- CFO Paul Bradley, Senior Vice President (SVP) of Production Roger Reddin and SVP Chris Harder, who is in charge of drilling and completion.
Kayne Anderson has a "track record of supporting successful startup E&P companies," Chapman said.
Amistad's founders "have an outstanding track record of leadership and identifying oil and gas assets with significant upside potential," said Kayne Anderson managing directors David Habachy and Greg Davis. "Our investment in Amistad highlights our strategy of making commitments to proven management teams and we look forward to partnering alongside Amistad's success."
Terra Energy Partners LLC, also based in Houston, recently received a $300 million commitment from related entity Kayne Private Equity Energy Income Fund LP. Among its many U.S. upstream investments, Kayne Energy funds staked Energy & Exploration Partners Inc. (see Daily GPI, June 16, 2014). Entities also have helped fund Crestwood Midstream Partners LP (see Shale Daily, April 5, 2011).