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Industry Brief

Veterans of the Central Basin Platform in West Texas have raised nearly $100 million in private equity funding to have another go at the play. Newly formed Tulsa-based Capstone Natural Resources II LLC (Capstone II) has funding from Lime Rock Partners, Wells Fargo Energy Capital and members of Capstone II management, which includes certain members of the former Capstone Natural Resources LLC (Capstone I) and Arena Resources Inc. management teams. Capstone II will focus on employing an "acquire and exploit" strategy in the Central Basin Platform. The strategy was implemented at both Capstone I and Arena. Capstone I sold its Permian Basin properties last September to a private operator. Arena, a publicly traded company, was sold to SandRidge Energy Inc. for $1.6 billion in 2010 (see Daily GPIApril 6, 2010). Capstone II management includes Phil Terry, chairman; Pat McConn, CEO; Mike Willis, COO; Clint Brian, vice president of operations; and Fred Schantz, vice president of land.

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