Teal Natural Resources LLC, a newly-formed oil and natural gas exploration company, received a total commitment of $125 million from private investment firms Pearl Energy Investments through Pearl Energy Investments LP, and Natural Gas Partners (NGP) through NGP Natural Resources XI LP. Each firm made an initial commitment of $62.5 million.
Launched in March 2016 and headquartered in Dallas, Teal will use the capital to pursue and develop primarily unconventional resource play opportunities in Texas, initially focusing on the Eagle Ford Shale in South Texas.
Teal’s CEO, John Roby, spent several years with Occidental Petroleum as a completions, production, and reservoir engineer, and holds financial and transactional expertise having served as CFO of Titanium Exploration Partners. Teal president and chief geologist Neil Basu has more than 10 years of geoscience experience, primarily with Pioneer Natural Resources in the Eagle Ford and Permian Basin regions. COO John King also spent nearly 10 years with Pioneer, most recently as a reservoir and development engineer.
Teal was advised by Winstead PC. Pearl Energy Investments and Natural Gas Partners were advised by Thompson & Knight LLP.