It's been a tough year in the oil and gas industry, but as the downturn continues to claim victims, some companies are still betting on the Eagle Ford.
Related: Clayton Williams Stops Eagle Ford Drilling
Phoenix Natural Resources, LLC , a newly-formed independent oil and gas company, just announced new plans to focus on development on the Eagle Ford after receiving a $250 million equity commitment from Kayne Anderson Energy Funds.
“Headquartered in Houston, Texas, Phoenix will pursue acquisitions of oil and gas assets with scalable exploitation and development upside. The Company will consider acquisition and redevelopment opportunities throughout select North American basins with an initial focus on the Eagle Ford.”
Phoenix isled by Russell Parker, CEO; Jim Mooney, CFO; Ray Ambrose, SVP of Engineering; Chad England, SVP of Operations; and Mark Hargis, SVP of Geology. The management team brings their extensive technical and operational expertise into this new venture.
Other companies to receive equity commitments this year include:
- Invictus Energy LLC :$150 million from Kayne Anderson
- Percussion Petroleum LLC:$50 million from energyCarnelian Energy Capital Management LP
- WaterBridge Resources LLC: $200 million from Five Point Capital Partners LLC
Several producers have pulled back their activity in the Eagle Ford. Earlier this year, Clayton Williams executives announced they had limited their drilling and completion activities to combat the downturn and expect to reduce capital spending further in 2016. Abraxas Petroleum Corp. announced they will focus the remainder of 2016 on their Bakken assets while scouting opportunities to sell Texas properties.