Post Oak Energy, Goldman Sachs invest in PetroEdge
Summary
Post Oak Energy Capital and funds managed by Goldman Sachs Asset Management are investing $100 million in PetroEdge Energy III, a Houston-based oil and gas company.PetroEdge has acquired land in Brazos and Burleson counties and initially will focus on drilling and developing in the lower Eagle Ford, or Maness, which is an oil-prone shale play, the company said in a statement. It also will buy and lease additional land in the area while preparing to drill its first horizontal well.The companys management team includes Larry Richard, president and CEO; Larry Buchanan, executive vice president of operations; Jack Ward, executive vice president of exploration and production; and Mark Malinski, chief financial officer.Since 2004, PetroEdges management has built and sold two oil and gas companies. The team, the company says, has a track record in the geologic assessment, drilling and completion of horizontal wells in shale plays as well as knowledge of conventional oil and gas development.Post Oak, established in 2006, is an energy-focused private equity firm based in Houston. It pursues private equity investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oil field services and related infrastructure. "The combination of a proven team with an attractive captive opportunity is consistent with our investment philosophy.