Post Oak Energy Capital and funds managed by Goldman Sachs Asset Management (GSAM) have made a $100 million capital commitment to PetroEdge Energy III LLC. PetroEdge's management team will be co-investing alongside Post Oak and GSAM.
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 and production; and Mark Malinski, CFO.
PetroEdge has acquired an 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 land in the area while preparing to drill the first horizontal well on this acreage.
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.