Fort Worth, Texas-based Black Mountain Oil & Gas in February announced it closed a $150 million equity commitment from Natural Gas Partners (NGP) through NGP Natural Resources XI, L.P., the most recent NGP private equity fund focused on natural resources.
“Our partnership with NGP will allow us to evaluate a broad opportunity set and move quickly when we identify a clear line of sight to value creation,” Rhett Bennett, CEO of Black Mountain, said in a Feb. 11 statement. “This is a unique and challenging market, but one that we believe will create opportunity with the right partner.”
According to Black Mountain, its management team combines expertise in geology, engineering, land and A&D in conventional and unconventional oil and gas reservoirs. The company said it will apply its multi-disciplinary approach across the most prolific producing regions in the U.S., with a near-term focus on the Delaware Basin in Texas and New Mexico.
Black Mountain, through its subsidiaries, has leased over 200,000 acres in various resource plays across six basins and five states and acquired mineral and royalty interests in over 10,000 oil and gas wells covering 800,000 gross acres in 11 states.
“We are excited to enter into a partnership with the Black Mountain management team,” Chris Carter, managing partner of NGP, said. “Rhett and the Black Mountain management team have a demonstrated track record of value creation, and we believe that they are well positioned to grow a successful company in the current environment.”