Silverback Exploration II LLC, whose predecessor company captured a significant position in the Permian Basin, on Monday said it has another $500 million in hand from EnCap Investments LP to pursue conventional and unconventional U.S. resource plays.

In its original incantation as Silverback I, the oil and gas producer developed a 35,000 net acreage position in the heart of the Delaware sub-basin. It was producing around 3,500 boe/d net when it sold its interests for $855 million last fall to Centennial Resource Development Inc.

Silverback II, led by the same management team, is hoping for a repeat of its initial success.

“Our team has a high level of expertise in horizontal drilling and a comprehensive understanding of operational efficiencies that are already shaping the focus of our new company,” said CEO Stephen Lipari. Backed for the second time by EnCap, its “financial strength coupled with the proven track record of the Silverback team is a compelling combination that provides us with the ability to source deals, develop assets and create value.”

Lipari previously was Newfield Exploration Co.’s director of New Ventures and Strategic Planning for the Gulf Coast business unit, where he helped launch operations in the Eagle Ford Shale’s Maverick Basin. Lipari also is the former CEO of Aspect Abundant Shale and he spent 22 years with EOG Resources Inc., including as operations manager of EOG’s Barnett Shale Division. Centennial, which bought out Silverback 1, is headed by former EOG chief Mark Papa.

The Silverback II management team also includes Chief Commercial Officer David Frye and Chief Exploration Officer Jon Conaway. George M. Young Jr. and Ted Collins Jr. serve as nonexecutive advisers.

EnCap has a “long history of rebacking management teams on the heels of a successful exit,” paving the way to partner again with Silverback’s team, said EnCap Managing Partner David Miller.

EnCap Flatrock Midstream in June provided Cardinal Midstream with a $250 million equity commitment — the third investment by EnCap — to build out a Utica Shale dry gas gathering system in north central Pennsylvania and for other assets across North America. More recently, EnCap sold Midland, TX-based EagleClaw Midstream Ventures LLC for $2 billion and committed $200 million to help form Aspen Midstream LLC.

Silverback II was advised by the Fort Worth, TX office of Kelly Hart & Hallman. EnCap was advised by Thompson & Knight LLP.