Houston-based private equity firm Quantum Energy Partners has formed Bluestem Energy with industry veteran Jack Hightower as its chairman, president, and CEO. The new company will be headquartered in Fort Worth, Texas.
Bluestem will acquire oil and gas producing properties as well engage in exploitation and exploration activities in targeted trends in North America. The company starts business with $1 billion of available equity from Quantum, co-investors, and the management team.
Others on the Bluestem team include Mike Cherry, executive vice president and head of engineering; Mason Manulik, vice president of finance; Jon Baker, vice president of geosciences; Jim Gresham, vice president of land; Stephen Howard, vice president of business development; John Anderson, head engineering coordinator; and Christi Harris, director of accounting. Most of the group have worked together previously in various energy ventures.
Hightower and Quantum previously partnered in the creation of Celero Energy Partners, LP in early 2004 and successfully grew the company before selling it to Whiting Petroleum Corp. in July 2005 for over $800 million. In addition, several of Quantum’s founders invested in and were instrumental in helping Hightower raise his private equity backing in 1995 in founding Titan Exploration, a start-up E&P company which became Pure Resources Inc. and was ultimately acquired by Unocal in 2003 for $1.6 billion.
“We are excited to be partnering once again with such an accomplished team to build an acquisition and exploration platform that we believe will deliver superior returns to both management and Quantum,” said Wil VanLoh, president and CEO of Quantum.