[Context: On November 14, EnCap announced a $400m equity commitment for Flat Creek Resources. The upstream company will focus on Permian Basin, and its management team hails from Black Mountain Oil & Gas and XTO Energy. Further details, advisors and related links are below.]
Flat Creek Resources Announces $400 Million Equity Commitment from EnCap Investments L.P. and Management
FORT WORTH, Texas–November 14, 2018–(BUSINESS WIRE)–Flat Creek Resources, LLC (“Flat Creek”), an oil and gas exploration and production company, today announced it has secured an initial capital commitment of $400 million from EnCap Investments L.P. (“EnCap”) and management. Headquartered in Fort Worth, Flat Creek is an independent energy company focused on the consolidation and exploitation of core acreage in proven, economic basins with an initial focus on the Permian Basin in West Texas and New Mexico.
Flat Creek’s management team is comprised of a group of energetic oil and gas professionals with diverse industry experience and a proven ability to execute growth-oriented projects. The Flat Creek team has extensive energy industry knowledge and a track record of value creation at several companies including Black Mountain Oil & Gas and XTO Energy. Key members of the management team include Chief Executive Officer Mike McCracken; Chief Financial Officer Chandler Quisenberry; Vice President of Geology Rebecca Harrington; and Vice President of Land Mike Gregory.
Locke Lord LLP served as legal adviser to Flat Creek, with partner Mitch Tiras in the lead role from the firm’s Houston office. Vinson & Elkins LLP served as legal counsel to EnCap, with partner James Garrett in the lead role from the firm’s Houston office.
About EnCap Investments L.P.
Since 1988, EnCap has been the leading provider of venture capital to the independent sector of the U.S. oil and gas industry. The firm has raised 21 institutional oil and gas investment funds totaling approximately $37 billion and currently manages capital on behalf of more than 350 U.S. and international investors.