Hibernia Energy III, LLC (“Hibernia III”) is pleased to announce it has raised $250 million of new equity commitments from NGP through NGP Natural Resources XII, L.P., the most recent NGP private equity fund focused on natural resources.
In addition to the commitment from NGP, Hibernia management and members will be committing in excess of $21 million in equity. Hibernia III’s strategy is to acquire and prudently develop unconventional oil and gas assets in Texas, leveraging its proprietary relationships and operational expertise. The Houston, Texas based Hibernia team previously acquired, operated and developed assets in Martin County, Texas within the Midland Basin, divesting assets to both Athlon Energy and Eagle Energy Trust.
Hibernia III is led by P. Embry Canterbury, Sean Keenan and John Blevins. Embry previously co-founded Hibernia Energy, LLC (“Hibernia I”) and Hibernia Energy II, LLC (“Hibernia II”), which originally partnered with NGP in July 2010 and May 2013. Embry will be joined by Sean Keenan and John Blevins who will act as CFO and COO, respectively. Additional management team members have served in various roles at Permian-focused companies as reservoir engineers, operations engineers, geologists and land and business development managers. Carl Carter III, who co-founded Hibernia I and II, will act as a Strategic Advisor to the Hibernia III team. The senior management team has developed a strong track record in the Permian and other unconventional basins throughout the United States and brings 60+ years of industry experience to Hibernia III.
P. Embry Canterbury, CEO of Hibernia III, commented, “After two successful partnerships in the Midland Basin, we are excited to again be working with NGP on building another oil and gas company focused on creating significant value for our partners and team members. We believe there are tremendous opportunities in today’s market to acquire, develop, and realize value in multiple, unconventional resources and we have assembled a best-in-class team to execute this strategy.”
“NGP is excited and grateful to partner with the Hibernia III team,” Patrick McWilliams, Partner at NGP, said. “We are thrilled to get to work again with such an energetic, disciplined and skilled company and could not be happier to continue the partnership. We have known Embry and the Hibernia III team for years, and respect the dynamic culture, top-tier operating capabilities, and deep local relationships that will make Hibernia III truly successful.”