Independence Resources Management plans to use a $500 million investment to focus on activity in the Anadarko Basin.
Warburg Pincus, a global private equity firm focused on growth investing, has agreed to a line-of-equity investment of up to $500 million in Independence Resources Management.
“We are excited to have the support of Warburg Pincus, especially in the present commodity price environment, as we pursue the significant opportunity that we are seeing in our regions of interest,” Mike Van Horn, CEO, Independence Resources Management, said in a statement. “This investment will enable us to acquire a meaningful footprint in targeted plays and optimally delineate and develop that hydrocarbon resource over time.”
IRM intends to target onshore oil and gas acquisition and play extension opportunities in known producing basins in the Mid-Continent and Rockies regions of the U.S., with an initial focus on the Anadarko Basin.
The company said it will focus on plays with large amounts of hydrocarbons in place and low recovery factors, where advanced drilling and completion techniques can create compelling risk-adjusted returns.
“The opportunity to grow a start-up E&P company behind a great management team fits squarely within our investment thesis and our track record of success,” James Levy, managing director, Warburg Pincus, said.