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New Eagle Ford Player Gets $100M in Backing
Post Oak Energy Capital and funds managed by Goldman Sachs Asset Management have made a $100 million capital commitment to PetroEdge Energy III LLC, a newly formed oil and gas company based in Houston and focused on the Eagle Ford Shale.
PetroEdge has acquired an acreage position in Brazos and Burleson counties, TX, and will initially be focused on drilling and developing the lower Eagle Ford (Maness), an oil-prone shale play, the company said, adding that it will continue to acquire and lease additional land in the area while preparing to drill its first horizontal well on the acreage.
PetroEdge management includes Larry Richard, president and CEO; Larry Buchanan, executive vice president of operations; Jack Ward, executive vice president of exploration and production; and Mark Malinski, CFO.
“The acreage that we have acquired fits all of our criteria for an excellent play,” said Richard.
PetroEdge management will also be investing in the venture.
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