The new CEO of Quantum Resources Management LLC said Monday the coming months likely will offer "tremendous" opportunities for energy sector investment.
Alan L. Smith, 46, who will serve as Quantum's president and CEO, will be responsible for charting acquisition strategy and running day-to-day operations. Smith also will oversee the company's relocation to Houston from Denver over the coming months.
"I believe that the current economic climate is likely to produce tremendous investment opportunities in the energy space over the coming months," Smith said. "Quantum Resources...is very well positioned to capitalize on those opportunities and expects to invest over $1.2 billion within the next two years."
Smith said he and Chairman Donald D. Wolf would "seek out unique acquisition targets to further expand upon the strategic objectives of the company."
Quantum Resources, which was formed in 2006, targets acquisitions in the range of $200 million to $2 billion (see Daily GPI, Jan. 10, 2007). It now holds around $1.2 billion in total equity commitments from investors.
The company said it has acquired since its inception more than $600 million worth of properties in nine states with fields located in the Permian Basin, Midcontinent, Gulf Coast and Rocky Mountain regions. Past investments included Vantage Energy LLC (see Daily GPI, Dec. 20, 2006). According to its website, among other things, Quantum in March 2003 helped to form Linn Energy LLC, a domestic onshore producer.
Smith has served as a managing director of Quantum since May 2006. He previously worked for Ocean Energy, Burlington Resources and ARCO Oil & Gas.
Intelligence Press Inc. All rights reserved. The preceding news report
may not be republished or redistributed, in whole or in part, in any
form, without prior written consent of Intelligence Press, Inc.