Dallas-based newbie Perpetual Production LLC said Monday it is joint venturing in the U.S. onshore with private equity firm Castlelake initially to buy properties in Oklahoma’s stacked reservoirs.

The partners created Perpetual Production-MidCon LLC (PP MidCon) to acquire minerals and overriding royalty interests in the Midcontinent, including in Oklahoma’s myriad stacked reservoirs. The joint venture (JV) also is to consider other “opportunistic transactions,” including acquisitions of operated and nonoperated leasehold interests in other regions.

“Castlelake’s opportunistic investing approach in oil and gas aligns with our outlook and our focus on portfolio optimization through a balanced approach to risk and reward as well as evolving strategic focus as market dynamics change,” said Perpetual President Josh Camp. “The firm’s flexibility and unique industry insights position PP MidCon to execute its on-the-ground investment strategy.”

Perpetual, based in Dallas, was formed in June. The executive team has a solid pedigree in working for other onshore operators.

Camp most recently served as director of finance at the now defunct American Energy Partners LP (AELP), which was founded by the late Aubrey K. McClendon. (McClendon also co-founded Chesapeake Energy Corp.)

Perpetual Vice President (VP) Chad Pinkerton, who overseas land and strategy, previously worked at SandRidge Energy Inc., while VP Josh Voth, who handles engineering and acquisitions, also is a former AELP executive. Director of Land Kris Price previously served as land manager at privately held Rockwell Minerals.

Castlelake’s approach to investing in oil and gas is characterized by a focus on small- to mid-size investment opportunities in assets where it can serve as a flexible capital partner. Funds have existing investments in the Oklahoma, the Permian Basin, Eagle Ford Shale and Powder River Basin, involving mineral interest, operated leasehold, non-operated working interest, and drilling JVs.

“The PP MidCon joint venture enhances Castlelake’s ability to aggregate smaller, off-the-run mineral interest assets that may generate and preserve value in today’s evolving economic environment,” said Castlelake Managing Partner Evan Carruthers. “Perpetual’s deep expertise in mineral interests and Castlelake’s track record in oil and gas as a reliable, value-added capital partner create a strong joint venture platform.”