Quantum Energy Partners (QEP) and Global Reserve Group (GRG) will provide $125 in equity commitment to help grow Gulf Coast Energy Resources LLC (GCER). With $250 million in equity from original investors Warburg Pincus and GCER management, the new equity financing brings the total equity line to $375 million.
The funds will be used to continue GCER's acquisition, exploration, and production activity along the Gulf Coast and offshore Gulf of Mexico. This will include development of three new discoveries made by the company over the past few months. Two of the finds are located in the onshore region of Texas, while one discovery lies in the offshore Shelf of the Gulf of Mexico.
Kevin Guilbeau, president and CEO of Gulf Coast Energy Resources stated, “We are very excited about the expanded opportunity set we can now access via this additional equity. GCER has experienced success in the acquisition and exploration arenas both onshore and offshore and we believe the conventional play continues to offer tremendous potential."
GCER is currently drilling two wells and plans to drill 14 exploration wells in 2013. The drilling program will target onshore Texas and Louisiana as well as the offshore Shelf.
Gulf Coast Energy Resources, LLC is a private-equity backed exploration and production company that was formed in 2010 and headquartered in Houston, Texas. The company's strategy is to acquire, exploit, and explore for oil and gas in the Gulf Coast region of Texas and Louisiana.