|By PR Newswire||
|August 19, 2014 10:23 AM EDT||
HOUSTON, Aug. 19, 2014 /PRNewswire/ -- Carrier Energy Partners, LLC ("Carrier") and Panther Energy Company II, LLC ("Panther") have signed a joint venture agreement for the two companies to develop approximately 15,000 acres in Culberson, Reeves, and Pecos Counties, Texas.
Under the terms of the participation agreement, Carrier will have the right to participate in 49% of Panther's working interest in wells drilled. The drilling program is set to commence in September 2014.
Mark Clemans, President and CEO of Carrier, commented, "Carrier's non-operated business strategy is highly dependent on the strength and expertise of the operator with whom we partner. Panther has a proven track record and we are excited about our partnership with them for the development drilling projects in West Texas."
Evercore Partners advised Carrier on the transaction.
About Carrier Energy Partners, LLC
Carrier Energy Partners is a Houston, Texas based private oil and gas company focused on the acquisition and exploitation of upstream assets. Backed with an equity commitment from Riverstone Holdings LLC, its primary objective is to partner with select operators that are developing both unconventional and conventional reservoirs in North America. For more information, please visit www.carrierenergy.com.
About Panther Energy Company II, LLC
Panther Energy Company II, LLC is a Tulsa, Oklahoma based exploration and production company backed primarily by a private equity commitment from a Kayne Anderson energy fund, with smaller commitments from Wells Fargo Energy Capital and others. Panther specializes in grassroots horizontal exploration of unconventional zones, but also develops conventional reserves of both oil and gas. The company focuses on the mid-Continent and Rockies for both oil and gas projects that are developed internally by a highly trained and experienced staff.
SOURCE Carrier Energy Partners, LLC
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