IRVING, Texas–(BUSINESS WIRE)–May 15, 2014–
PetroCore, LLC (“PetroCore”) is pleased to announce it has raised over $100 million of equity commitments from Natural Gas Partners (“NGP,”) through NGP Natural Resources X, L.P., and the PetroCore management team. Based in Dallas, Texas, PetroCore is an exploration and production company driven by subsurface understanding and engineering execution and is focused on developing core unconventional oil prospects in North America.
PetroCore is led by partners Mark Hiduke, Scott Lapierre, Colin O’Farrell and David Hall. The founding partners were former managers and technical specialists at Pioneer Natural Resources and SM Energy. The management team has participated in over $6 billion of A&D activity and brings 60+ years of industry experience to PetroCore.
“Working with NGP has been a first-class experience. We believe that our diverse skill set together with the tremendous expertise and financial strength of NGP is the formula for creating significant value,” Mark Hiduke, Managing Partner, said.
“NGP is excited and grateful to partner with the PetroCore team,” Tomas Ackerman, Managing Director of NGP, said. “We are thrilled to work with an energetic and skilled team and welcome them into the NGP family.”
About Natural Gas Partners
Founded in 1988, Natural Gas Partners (NGP) is a $10.5 billion family of private equity investment funds organized to make investments in the natural resources sector. NGP is part of the investment platform of NGP Energy Capital Management, a premier investment franchise in the natural resources industry, which together with its affiliates has managed approximately $13 billion in cumulative committed capital since inception.
Mark Hiduke, 972-832-6972