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Silver Creek Oil & Gas, LLC ("Silver Creek" or the "Company"), a privately-held oil and gas exploration and production ("E&P") company headquartered in Irving, TX, has received a $100 million investment from Crestview Partners ("Crestview"), a New York-based private equity firm.

Crestview is partnering in this investment with current owner Sunray Capital ("Sunray"), a private investment vehicle led by John Schmitz, the CEO of oilfield services provider Select Energy Services. Silver Creek intends to use the proceeds from the Crestview investment to develop existing acreage and to acquire and develop additional prospects in unconventional oil and liquids-rich natural gas plays. The Company may also seek to opportunistically acquire undervalued gas assets for future development. Both Crestview and Sunray have committed a significant additional unfunded capital investment to further support Silver Creek's development.

Bob Delaney, a Managing Director at Crestview Partners who leads the firm's energy sector investments, said, "We are excited to back John Sanchez, Silver Creek's CEO, and his talented management team. They are a proven team that has assembled an impressive mix of long-life producing properties and low-geological risk development opportunities. It is our expectation that this capital investment will fund the acquisition and development of additional undervalued assets in the future. In addition, we are thrilled to once again partner with John Schmitz."

Silver Creek CEO John Sanchez commented, "With the Crestview investment, Silver Creek now has the opportunity to grow and diversify its asset base through the drillbit, as well as through accretive acquisitions. We continue to see attractive opportunities to invest in out-of-favor oil and liquids-rich unconventional assets, and are excited to partner with Crestview in this transformational transaction for the Company."

John Schmitz, CEO of Select Energy Services and President of Sunray Capital, remarked, "John Sanchez and the Silver Creek management team are one of Silver Creek's core strengths. They have the experience and ability to transform Silver Creek from a collection of assets into a diversified E&P company. I am excited to again partner with Crestview and to be a part of building this E&P platform."

Tudor, Pickering, Holt & Co. served as financial advisor to Crestview. Davis Polk & Wardwell LLP acted as legal counsel for Crestview and Vinson & Elkins LLP served as legal counsel for Silver Creek. Thompson & Knight LLP acted as legal counsel for Sunray.