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Unconventional E&P PCORE II Raises $200M

PCORE Exploration & Production II LLC, an exploration and production (E&P) company focused on unconventional oil prospects in North America, said it has raised $200 million in equity commitments from a private equity group and its own management.

The Dallas-based E&P said the equity commitments came from Natural Gas Partners (NGP) through NGP Natural Resources XI LP, a fund NGP closed in January 2015 after it hit a hard cap with total commitments of $5.325 billion. PCORE II said its management team was another equity source but did not elaborate.

According to PCORE II, it is led by the same management team that founded PCORE Exploration & Production LLC, or PCORE I, in May 2014 and sold last month. The company said its management served previous roles with Pioneer Natural Resources Co., SM Energy Co. and Norton Rose Fulbright, a multinational law firm based in London. PCORE II is led by CEO Mark Hiduke.

Hiduke did not return calls seeking clarification of the equity commitments on Tuesday.

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