Newly formed exploration company Teal Natural Resources LLC recently received capital commitments totaling $125 million from two private investment firms.
Pearl Energy Investments (through Pearl Energy Investments LP) and Natural Gas Partners (NGP) (through NGP Natural Resources XI LP), the most recent NGP private equity fund focused on natural resources, each made an initial commitment of $62.5 million.
Launched in March and headquartered in Dallas, Teal will use the capital to pursue and develop primarily unconventional resource play opportunities in Texas, initially focusing on the Eagle Ford Shale in South Texas.
Teal CEO John Roby, a former Occidental Petroleum production and reservoir engineer, has financial and transactional expertise, having served as CFO of Titanium Exploration Partners.
Teal Chief Geologist Neil Basu has more than 10 years of geoscience experience, primarily with Pioneer Natural Resources in the Eagle Ford and Permian Basin. COO John King also spent nearly 10 years with Pioneer, most recently as a reservoir and development engineer.
"This initial capital commitment from Pearl and NGP gives us the financial flexibility necessary to pursue and develop assets with proven production potential, using our experience and technical know-how to enhance drilling programs and optimize production," Roby said.
Founded last year, Pearl Energy Investments is also based in Dallas and targets small to middle market private investment opportunities requiring between $25 million and $75 million of equity capital in the North American upstream, midstream and oilfield services sectors.