Oil and gas “dream team” reunites to form new exploration and production company with $500M
A “dream team” of five oil and gas veterans has reunited to launch San Antonio-based Silverback Exploration II LLC, an energy company with $500 million at its disposal.
The exploration and production company announced its formation early Monday morning along with a $500 million in private equity commitment from EnCap Investments LP.
Silverback Exploration II was created by five out of the six executives who founded San Antonio-based Silverback Exploration LLC, a small but nimble oil company that made a name for itself in the Permian Basin of West Texas with wells that were still profitable at low commodity prices.
Denver-based Centennial Resource Development Inc. (NASDAQ: CDEV) (NASDAQ: CDEVW) and its affiliates bought Silverback’s Permian Basin assets in a $855 million deal that closed just before New Year’s Eve.
Written by sergio Chapa, Reporter for san Antonio Business Journal