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Abstract
Privately owned, Dallas-based Trail Ridge Energy Partners LLC has been formed by Ron Wade and Chuck Cederberg with a $40-million equity commitment from Kayne Anderson Energy Funds and from company management to acquire and develop assets in the Midcontinent.Wade is president and chief executive. He was vice president, engineering, with privately owned Houston-based Redman Energy, and previously was with Cordillera Energy Partners and Hunt Petroleum. Chuck Cederberg is chief financial officer. He was CFO of Redman Energy.Wade says, "We are very pleased to have Kayne Anderson as our partner, and believe that, with their financial strength, we are competitively positioned to achieve the goals we have set for Trail Ridge. We look forward to developing our first of many acquisitions and securing additional acreage and development drilling opportunities in the Midcontinent region."Rivington Capital Advisors LLC, and affiliate Rivington Securities LLC, were financial advisors and placement agents for the financing.[bullet] Former senior managers of KCS Energy Corp. and Charlie Prioleau have formed Houston-based privately held Force 5 Energy LLC with a $100-million equity commitment from EnCap Investments LP affiliates and other minority investors. Force 5 will focus principally onshore South and East Texas and northern Louisiana.Cliff Foss is president and chief executive. He was senior vice president and senior manager of KCS Energy, which merged with Petrohawk Energy Corp., and has experience with Cockrell Oil, Barrett Resources and other E&P companies.Charlie Prioleau has been named executive vice president, finance, and chief financial officer. Wes VanNatta has been named executive vice president, engineering. Bruce Hamilton has been named executive vice president, land and legal. Jim Travillo has been named executive vice president, geology and geophysics.Foss says, "I am extremely pleased to have EnCap Investments LP join us as a partner in the formation of Force 5 Energy LLC and look forward to building value together as we execute our business strategy."EnCap partner Bob Zorich says, "The principals of EnCap have known members of the Force 5 team for many years and are excited about the opportunity to partner with them. They are a proven and experienced management team and we look forward to a long and profitable relationship." [bullet] Overland Park, Kan.-based EnerJex Resources Inc. has filed an S-1 to IPO an undisclosed number of shares for an undisclosed price per share for a total raise of up to $28 million on the American Stock Exchange as JEX. C.K. Cooper & Co. is underwriter.EnerJex plans to use the proceeds to fund operations in the Black Oaks, DD Energy, Thoren and Tri-County projects in Kansas, pay debt and capex, working capital and general corporate purposes.C. Stephen Cochennet is president, chief executive and chairman. He is president and founder of CSC Group LLC. Dierdre P. Jones is director, finance and accounting. She was sole proprietor of specialty design company These Faux Walls.EnerJex has acquisition and development activities in eastern Kansas and it currently plans to drill 90 wells. Proved reserves as of Dec. 31 were 1.2 million BOE (75% proved developed).[bullet] Rex Energy Corp., State College, Pa.State College, Pa.State College, Pa., (Nasdaq: REXX) is selling 4 million shares and selling shareholders will sell 4 million shares at approximately $17.39 each for a total raise of $139.1 million. KeyBanc Capital Markets is underwriter. Rex will not receive any proceeds from the shares sold by selling shareholders. Rex will use its proceeds to fund its Lawrence Field ASP project, Marcellus shale leasing and drilling activities, and other corporate purposes.[bullet] Quicksilver Resources Inc., Fort Worth, Texas, (NYSE: KWK) has acquired 19 licenses covering approximately 127,000 net contiguous acres in the Horn River Basin in northeastern British Columbia for approximately C$655 per acre. The company has identified more than 500 feet of gross thickness from the Upper Devonian Muskwa and Klua shale formations at 7,800 to 9,000 feet on the licenses.Quicksilver president and chief executive Glenn Darden says, "Our new-ventures team in Canada has done an excellent job of applying the company's extensive knowledge of unconventional gas reservoirs to identify and acquire these licenses in one of the most exciting emerging basins in North America. The Muskwa and Klua shales have the right characteristics which we believe can provide a significant resource opportunity for Quicksilver." Quicksilver expects production to be 211 million cu. ft. equivalent.[bullet] London-based Sterling Energy Plc (London AIM: SEY) has retained BMO Capital Markets to sell its U.S. interests primarily onshore the Gulf Coast and in the shallow-water Gulf of Mexico.