:: What's New:
Carr Resources, Inc. positions itself to develop its Brazos and Burleson County Woodbine (Maness) Shale leases with PetroEdge Resources III LLC.
Carr Resources, Inc. (Carr) of Tyler, Texas recently closed an agreement with PetroEdge Resources III LLC on approximately 18,000 acres of Woodbine (Maness) Shale acreage. Carr retained a 25% working interest in the leases. Petro Edge will become the operator of the property and drill its first horizontal Woodbine (Maness) Shale well in the fourth quarter of 2013. The play was developed by Carr’s geologist Rich Adams based in part on earlier 2007 drilling by Carr with Winn Exploration Co., Inc. Based on the experience and regional mapping of Carr and Adams in the region, Adams identified the core of the play and leasing began in late 2009.
PetroEdge is a newly formed oil and gas company headquartered in Houston, Texas. The Company's management team includes Larry Richard, President and CEO; Larry Buchanan, EVP of Operations; Jack Ward, EVP of Exploration & Production; and Mark Malinski, CFO. Since 2004, PetroEdge's management has successfully built and sold two oil and gas companies. The team has a proven track record in the geologic assessment, drilling and completion of horizontal wells in shale plays. In addition, PetroEdge has deep knowledge of conventional oil and gas development.
Post Oak Energy Capital (Post Oak) and funds managed by Goldman Sachs Asset Management (GSAM) committed $100 million capital to PetroEdge Energy III, LLC ("PetroEdge" or the "Company"). PetroEdge's management team will be co-investing alongside Post Oak and GSAM to develop the property and add additional leasehold.
PetroEdge has acquired 75% of the Carr acreage position in Brazos and Burleson Counties, Texas, and will initially be focused on drilling and developing the lower Eagle Ford (Maness), an oil-prone shale play. The Company will continue to acquire and lease additional leasehold in the area while preparing to drill the first horizontal well on this acreage.
Carr is an exploration and production company which has worked the East Texas basin since 1984 developing both conventional and unconventional prospects. Both John Carr and Rich Adams are exploration geologists who work new plays and concepts in an effort to lead the plays rather than follow them.
For more information, please visit www.carrresources.com.
PetroEdge is an independent oil and gas company engaged in the acquisition, exploration and exploitation of unconventional natural gas and crude oil properties. Previously, the PetroEdge management team was backed by EnCap. Prior to forming PetroEdge, the management held senior positions at several leading energy companies, including Halliburton, Pennzoil, Texaco, Petroleum Geoservices and Southland Royalty.
For more information, please visit www.petroedge.com.
About Post Oak Energy:
Post Oak, which was established in 2006, is an energy focused private equity firm based in Houston, Texas. Its management team has executive management experience and a broad network in the energy business as well as significant expertise in private equity investments, operations, development, finance, acquisitions and divestitures. The firm pursues private equity investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oil field services and related infrastructure. Post Oak works in close partnership with operating management teams to build businesses, accelerate growth and enhance shareholder value.
Post Oak's website is at http://www.postoakenergy.com.
About Goldman Sachs Asset Management:
Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. which manages $860 billion as of March 31, 2013. GSAM offers investment strategies across a broad range of asset classes to institutional and individual clients globally, which includes private equity investment strategies focused on supporting growing companies. Through these private equity investment strategies, GSAM seeks to partner with strong management teams and to provide the strategic and capital support needed to develop successful businesses.