Following the divestment of the Fort Trinidad field in July, the former team of TreadStone Energy Partners LLC (TreadStone I) has formed TreadStone Energy Partners II LLC (TreadStone II) with a $100 million equity commitment from Kayne Anderson Energy Fund VI LP and members of the management team.
TreadStone II will focus on opportunities in the Mid-Continent region and Texas. In 2011, TreadStone I acquired the Fort Trinidad field (consisting of 18,300 net acres located in Houston and Madison counties, Texas) for $17.7 million. TreadStone I subsequently ran a three-rig development program and increased production from less than 20 bopd at the time of acquisition to over 10,000 bopd at exit. On July 22, TreadStone I sold the Fort Trinidad field to Energy & Exploration Partners for total consideration of $715 million.