Former WildHorse Resource Development Corp. executives have landed more than $1 billion in private equity financing to form a new company that would acquire underdeveloped oil and natural gas assets across the Lower 48.

Former WildHorse President Anthony Bahr has teamed up with former COO Steve Habachy to launch Houston-based WildFire Energy I LLC. Bahr, who will lead the new company as CEO, and Habachy, who will serve as COO, said the company has signed a line of equity arrangement with Warburg Pincus LLC and Kayne Anderson Capital Advisors LP.

“Our business strategy is designed to rapidly achieve scale by capitalizing on current market dynamics and acquiring assets generating material cash flow today,” Bahr said. He added that the company is well-positioned with the private equity commitment to “develop sizable upstream and midstream assets” that can be maximized to create additional value and boost cash flows.

Bahr and Habachy are joined by former WildHorse CFO Drew Cozby, who would assume the same role at WildFire. Management hopes to leverage its experience. The team helped build  WildHorse, which was founded in 2013, and acquired by Chesapeake Energy Corp. in a deal that closed earlier this year for $4 billion in stock and cash.

Chesapeake was attracted by the oily 400,000 acre position WildHorse amassed in the Upper Eagle Ford Shale and Austin Chalk formations of East Texas.

WildFire is just the latest venture for members of WildHorse’s former management team. Earlier this year, WildHorse co-founder and CEO Jay Graham partnered with KKR to launch Spur Energy Partners LLC, which has already acquired 22,000 acres in the Permian Basin of New Mexico.