ArcLight Energy Partners Fund VI LP, a private equity fund managed by ArcLight Capital Partners LLC, alongside the Element Petroleum LP management team have agreed to form Element Petroleum III LLC (Element III) with a $200 million aggregate equity commitment.
The capital will be used to find, develop, and acquire oil and gas reserves and production, primarily in the Permian Basin. Headquartered in Midland, Texas, Element III will be led by President and CEO Todd Gibson, as well as Eric Hopper, Jamie Small, and Jiri Klubal.
Element III marks the third partnership between ArcLight and this management team, dating back to affiliates of Element Petroleum founded in 2006. During the first two ventures, the management team focused on finding and developing acreage prospective for vertical Wolfberry exploitation and, more recently, horizontal exploration and development of the Wolfcamp and Spraberry shales.