Hibernia Energy III LLC has raised $250 million of new equity commitments from NGP through NGP Natural Resources XII LP, the most recent NGP private equity fund focused on natural resources. In addition to the commitment from NGP, Hibernia management and members will be committing in excess of $21 million in equity.
Hibernia III’s strategy is to acquire and develop unconventional oil and gas assets in Texas. The Houston, Texas based Hibernia team previously acquired, operated and developed assets in Martin County, Texas within the Midland Basin, divesting assets to both Athlon Energy and Eagle Energy Trust.
Hibernia III is led by P. Embry Canterbury, Sean Keenan, and John Blevins. Embry previously co-founded Hibernia Energy LLC (Hibernia I) and Hibernia Energy II LLC (Hibernia II), which originally partnered with NGP in July 2010 and May 2013. Embry will be joined by Sean Keenan and John Blevins who will act as CFO and COO, respectively.