July 12, 2017 Comments Off on O&G Exploration Co. Secures $500M in Equity Views: 522 San Antonio, Texas News

O&G Exploration Co. Secures $500M in Equity

San Antonio-headquartered Silverback Exploration II LLC secured an initial equity commitment of $500 million from Encamp Investments LP. The oil and gas exploration company was formed to pursue development projects and strategic acquisitions in resource plays throughout the country.

Silverback II is led by the same team that formed and led Silverback Exploration LLC (Silverback I), which developed a significant position in the Delaware Basin of West Texas. The organization ended up with 35,000 net acres, 600 horizontal drilling locations and production of 3,500 barrels per day of crude oil equivalent. Silverback I sold the interests and related assets to Centennial Resource Development in late 2016 for $855 million.

“We are thrilled to partner with EnCap for a second time,” said Silverback CEO Stephen Lipari. “EnCap’s 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.”

Read More at Businesswire

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