[Context: On September 1, privately held Endeavor announced a drillco joint venture with Ares Management’s Development Capital Resources to develop Midland and Martin Counties. Further details and related links are below.]
Endeavor Energy | Ares Management
Haynes and Boone Represents Endeavor Energy in $300 Million “DrillCo” Drilling Partnership
September 1, 2017 – In 2017, Endeavor entered into a $300 million JV with Development Capital Resources (DCR), a newly formed oil and gas subsidiary of asset manager Ares Management LP to develop certain properties in the Midland and Martian [sic] counties. DCR will fund the majority of the capital required to develop identified horizontal locations in the Midland and Martian counties. Upon achieving an agreed upon return, DCR’s working interest will decrease during the operations phase of the drilling joint venture.