The father-son management team that developed and flipped a Permian Basin asset package to Ring Energy Inc. last year for $465 million has established a new venture with a similar playbook.

Executive Chairman Steve Weatherl and his son, CEO Caleb Weatherl, on Monday announced the founding of Garrison Energy Holdings. 

Based in Midland, TX, and backed by a $500 million line of equity financing from an institutional investor, Garrison “intends to develop a scaled oil and gas exploration and production company by acquiring assets in the Permian Basin,” the Weatherls said.

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