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. Its management team includes Larry Richard, president and CEO; Larry Buchanan, executive vice president of operations; Jack Ward, executive vice president of exploration and production; and Mark Malinski, CFO.
Since 2004, PetroEdge’s management team has built and sold two oil and gas companies. The team has experience in geologic assessment, drilling and completion of horizontal wells in shale plays. In addition, PetroEdge has deep knowledge of conventional oil and gas development. 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.
PetroEdge is an independent oil and gas company engaged in the acquisition, exploration and exploitation of unconventional natural gas and crude oil properties. 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.