Post Oak Energy Capital has partnered with Goldman Sachs Asset Management to pour in US $100 million into PetroEdge Energy III, a newly-formed company based in Houston, TX.
Although PetroEdge is already a byword when it comes to geologic assessment and drilling of horizontal wells in shale plays, the company managed to purchase an acreage position in Texas.
PetroEdge will initially concentrate on expanding and drilling in lower Eagle Ford, which is a known shale play, with the hope of starting the first horizontal well in the area.
Post Oak recognized PetroEdge's expertise in the industry as well as its solid management team. Frost Cochran, managing director of Post Oak, said, "The combination of a proven team with an attractive captive opportunity is consistent with our investment philosophy."
Larry Richard, CEO of PetroEdge, is optimistic about its new venture, claiming that the new acreage they have acquired meets all the requirements for an excellent ROI.
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