True Oil Co. LLC has secured $500 million for equity capital from an investor group, led by Los Angeles-based Ares Management, which includes True Oil management and other institutional investors. True Oil will use these funds to acquire and develop oil and gas assets in the Permian Basin.
Based in Midland, Texas, True Oil is a newly formed company with a management team led by industry veterans Ronnie Scott, Keith Maberry, Michael Rhoads, Will Kiker, and Jamie Rhoads. The True Oil team has a track record of identifying, purchasing, developing, operating, and selling oil and gas assets in the Permian Basin, where they have drilled approximately 1,000 wells over the last decade.
Prior to forming True Oil, Scott was president and COO of several Midland-based oil and gas companies, including Henry Petroleum, Henry Resources, and HPC Energy. Working as a team, the True Oil managers have been responsible for close to $3 billion of development, acquisition, and divestiture activity within the Permian Basin over the last few years.