Private equity NGP Energy Capital, with investments across the energy spectrum, has agreed to provide Luxe Energy LLC with another $525 million to acquire and develop unconventional oil and gas property across the United States.

Luxe, based in Austin, TX, recently completed a $560 million sale to Diamondback Energy Inc. of its Permian Basin properties in the Delaware, only a few months after acquiring the assets (see Shale DailyOct. 10Jan. 22). With the latest infusion of capital from its funding partner through NGP Natural Resources XI LP, Luxe plans to expand its reach beyond the Permian.

"After a highly successful partnership in the Delaware Basin, we are excited to again be working with NGP on building a world-class oil and gas company focused on creating significant value for our investors," said CEO A. Lance Langford.

"We believe there are tremendous opportunities in today's market to acquire, develop, and realize value in multiple, unconventional resources,” he said.

Shortly after the formation of Luxe last year, Langford told NGI’s Shale Daily, the company would be pursuing oil plays over natural gas (see Shale Daily, May 14, 2015).

NGP Managing Director Scott Gieselman said the firm was "grateful to once again partner with the Luxe team following such a successful venture."

NGP has about $17 billion of cumulative equity commitments in the natural resources industry. Among its energy portfolio companies are Centennial Resource Development LLC, Charger Resources, Eclipse Midstream LP, EnLink Midstream, Juniper Resources, Oilfield Water Logistics and PennTex Midstream Partners.