HPR ROV Logo
HPR ROV Logo

New WildFire Energy gets more than $1bn in private equity backing

Photo: Michael Ciaglo, Houston Chronicle / Staff Photographer
Photo: Michael Ciaglo, Houston Chronicle / Staff Photographer

A cofounder of WildHorse Resource Development has formed the new WildFire Energy in Houston with more than $1 billion in backing from two major private equity firms.

Two of the top private equity firms, New York-based Warburg Pincus and Los Angeles-based Kayne Anderson Capital, are investing in WildFire and its founder and chief executive Anthony Bahr.

The goal of the new WildFire is to acquire shale acreage that is already producing oil and gas, and then optimize and expand those existing operations.

“Our business strategy is designed to rapidly achieve scale by capitalizing on current market dynamics and acquiring assets generating material cash flow today,” Bahr said.

WildHorse was founded by Bahr and Jay Graham, but the two have now gone their separate ways.

In May, Graham started the new Houston energy startup Spur Energy Partners that has partnered with the private equity firm KKR & Co. for financing to develop oil and gas acreage in the booming Permian Basin.

Both WildFire and Spur Energy are private Houston firms with major equity backing that are looking to make oil and gas acquisitions.

The full version of this article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

Source link

Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
envelope-ophonemap-ocrossmenuchevron-down
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram