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Gary Petroleum, Old Ironsides on Prowl For Permian Opportunities

Denver-based Gary Petroleum Partners LP has partnered with investment manager Old Ironsides Energy LLC to hunt for upstream properties in the Permian Basin.

The newly formed partnership Gary Permian LLC would be headed by a group of long-time industry professionals whose experience ranges from conventional exploration in the Midcontinent and onshore Louisiana to unconventional expertise in the Permian, Denver-Julesburg and Piceance basins, as well as the Eagle Ford and Bakken shales.

"As an experienced leadership team that brings together highly successful management and technical skills in the upstream sector, we are excited to align ourselves with Old Ironsides on this new venture,” CEO Darrin Henke said. “We are confident that our broad spectrum of experience is the recipe for a highly successful effort as we target 10,000-30,000 acres in the cores of the Permian Basin."

Henke, a former Encana Corp. executive, did not disclose how much funding Gary Permian would be willing to use to build the portfolio. He formerly was general manager of Encana’s Southern Operating Area, where he oversaw the integration of the $7 billion-plus acquisition of Athlon Energy Inc.'s Permian assets (see Shale Daily, Sept. 29 2014). Henke previously was vice president of Encana’s South Rockies business unit.

Samuel Gary Jr. is to serve as nonexecutive chairman of Gary Permian, while Craig Ambler would serve as non-executive vice chairman. They have been partners for 28 years at Samuel Gary Jr. & Associates Inc.

Newly appointed CFO Lonnie Brock has served as financial chief for four publicly held Denver oil and gas companies, including Teton Energy Co. and Double Eagle Petroleum Co. Julia Gwaltney, named vice president of strategic planning and development, previously worked for Samson Resources, Encana and Burlington Resources.  

Old Ironsides was founded in 2013 by former members of Liberty Energy Holdings LLC.

“The Gary Permian team is well known and highly regarded, and brings a wealth of technical knowledge in all aspects of the upstream business,” Old Ironsides co-founder Sean O’Neill said.

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