Carmel Bay is a Calgary-based upstream exploration and development company focused on acquiring and developing assets in the Western Canadian Sedimentary Basin.  The Company was founded in late 2011 and has concentrated its efforts to date in the Montney resource play where it has technical expertise. It will also leverage off of its prior experience across other select WCSB plays to opportunistically acquire and exploit other core assets. Quantum, members of the management team and the Company’s board of directors have collectively made initial investments and/or future capital commitments in excess of $225 million to the Company.

The Carmel Bay team is led by Manuel as President and Chief Executive Officer. Manuel and his senior management team have had a consistent track record of creating value at several prior E&P companies.  Most recently, Manuel was President and CEO of Monterey Exploration, a highly successful Montney focused operator. Prior to Monterey Exploration, Manuel was part of the senior management teams at Crispin Energy and Rio Alto Exploration, both of which resulted in successful exits to Canadian public entities.

Carmel Bay board members include industry leaders Murray Nunns (CEO, Penn West Petroleum Ltd.), John Brussa (senior partner, Burnet, Duckworth & Palmer, LLP), Brett Herman (CEO, TORC Oil and Gas LTD), and Don Copeland (oilfield service entrepreneur) as well as Managing Directors Garry Tanner and Dheeraj Verma from Quantum who collectively bring decades of energy investment experience to support Carmel Bay management.

Manuel remarked on the closing, “We spent significant time evaluating our financial options for growth capital and came to the conclusion that in the current volatile market, private equity capital, and more specifically Quantum, offered substantial and dependable capital which would allow us to take advantage of evolving market opportunities and grow our business relatively quickly with significant flexibility.  We anticipate that with the Company’s slate of current projects, significant deal flow, and our new capital partner, Carmel Bay is positioned extremely well to build a meaningful and successful E&P company.”

“We are excited to be in partnership with such an accomplished and focused upstream operating team.  The Company has already assembled a significant initial acreage position in the Montney and is aggressively pursuing a variety of other opportunities which we believe over time will deliver superior returns to our investors.” said Garry Tanner, Managing Director of Quantum Energy Partners. “We were also impressed with the high caliber board members Patrick had pulled together, all of which have continued on with the Company post our capital infusion, and believe their involvement will be extremely value-added in guiding the growth and success of Carmel Bay.”

About Carmel Bay Exploration, Ltd.

Based in Calgary Alberta, Carmel Bay is led by a team of seasoned industry professionals, many with over 20 years in upstream engineering, geology, operations, marketing, and business development with a track record of success working in the WCSB.

About Quantum Energy Partners

Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having  managed together with its affiliates, more than $6.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.

Prior to joining Quantum, he was President of SouthView Energy, LP, a Quantum portfolio company, and before that he was a Managing Director of Randall & Dewey, a division of Jefferies & Company, Inc., from 1996 to mid-2005. David brings more than 30 years of experience in oil and gas transactions through senior executive roles with Alexander Energy Corporation (Director and Chief Financial Officer), Edwards & Leach Oil Company (Co-Founder and President), Equitable Resources Energy Company (Vice President, Corporate Development) and Merrill Lynch & Company (National Product Manager for Oil and Gas Investments). David serves on the IPAA Board of Directors and has previously served as IPAA Regional Director, Chairman of the Membership Committee and Chairman of the annual IPAA Wildcatters Ball and is a recipient of the IPAA Leadership Award. He also serves as Chairman of the Host Committee for the Texas Alliance Houston Wildcatters and on the Texas Alliance Oil & Gas PAC executive committee. David also serves as the Chairman of the Foundation for Energy Education supporting the industry’s public education program in Texas. He holds a B.B.A. in Petroleum Land Management from the University of Oklahoma where he has served on the Sarkeys Energy Center Board of Directors and currently serves on the Advisory Board for the University’s Energy Management Program in the Price College of Business, where in May 2011 he received the Price College Distinguished Alumni Award.

Jagged Peak will engage in the acquisition, development, and exploration of oil and gas assets, primarily focusing on resource plays in select North American basins. Quantum and members of the management team have collectively made capital commitments in excess of $400 million to the Company.

The Jagged Peak team will be led by Jaggers as Chairman, Chief Executive Officer and President. Joining the executive management team alongside Jaggers will be Chief Operating Officer Greg Hinds and Chief Financial Officer Laurie Bales.

Quantum and Jaggers previously partnered together in building Ute Energy, LLC into one of the more successful resource play companies focused in the Uintah Basin. Ute Energy was sold last year for in excess of $1 billion. Jaggers and the management team successfully executed a lease, acquire and drill strategy, growing production at sale announcement to over 7,800 net boepd and undeveloped acreage to over 156,800 net acres.

Wil VanLoh, President and CEO of Quantum, commented, “We are excited to be partnering once again with Joe, Greg, and Laurie. They comprise the nucleus of an exceptional team of oil and gas professionals that have a proven track record of delivering superior returns in unconventional resource plays. They possess best in class execution capabilities and will be well positioned to capture producing property and acreage acquisitions and then build value through development drilling.”

Jaggers remarked on the closing, “We look forward to Jagged Peak building upon our prior success at Ute Energy. We see a great opportunity in the market today to capture resource-rich opportunities and accelerate the conversion into proved reserves and cash flow. We are also excited to continue our partnership with Quantum, whose strong financial sponsorship and energy industry expertise provides a great compliment to our team.”

About Jagged Peak Energy, LLC

Based in Denver, Colorado, Jagged Peak will focus on liquids resource opportunities onshore. The organization has proven skills in capital allocation, efficient operations and acquisition execution.

About Quantum Energy Partners

Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates, more than $6.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.