Capstone Natural Resources II LLC (Capstone II), a newly formed, Tulsa, Oklahoma-based oil and gas company, has closed on a $100 million private equity commitment led by Lime Rock Partners, alongside Wells Fargo Energy Capital, and members of management.
Capstone II will be led by certain members of the former Capstone Natural Resources LLC (Capstone I) and Arena Resources Inc. management teams. This team will again focus on employing an "acquire and exploit" strategy in the Central Basin platform of West Texas. The strategy was implemented at both Capstone I and Arena. Capstone I sold its Permian Basin properties in September to a private operator. Arena, a publicly traded company, was sold to SandRidge Energy for $1.6 billion in 2010.