Houston-based private equity (PE) firm Andros Capital Partners LLC said Wednesday (Aug. 25) it has closed a $150 million development drilling joint venture in the Permian Basin’s Spraberry and Wolfcamp formations in Midland County, TX.

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Andros affiliate Andros Permian LLC is to fund the drilling program in a joint venture partnership with exploration and production (E&P) firm Midland-Petro DC Partners LLC (MPDC).

“MPDC has assembled a world-class position” in the core of the Permian’s Midland sub-basin, said Andros managing partner Phillip A. Gayle Jr. “This transaction underscores Andros’ commitment to investing in high-quality assets in partnership with talented operators.

“It also highlights our ability to construct a creative capital solution to enable our...