Fort Worth, Texas — (Business Wire) — August 12, 2011 — Quantum Energy Partners (“Quantum”), a leading energy private equity firm, is pleased to announce the formation of Bluestem Energy (“Bluestem”) with industry veteran Jack Hightower. Bluestem will primarily engage in the acquisition of oil and gas producing properties as well as the exploitation and exploration of reserves within targeted strategic trends in North America. Bluestem is targeting to have up to $1 billion of available equity from Quantum, co-investors and the management team.
The Bluestem team will be led by industry veterans Jack Hightower as Chairman, Chief Executive Officer and President, Mike Cherry as Executive Vice President and Head of Engineering, Mason Manulik as Vice President of Finance, Jon Baker as Vice President of Geosciences, Jim Gresham as Vice President of Land, Stephen Howard as Vice President of Business Development, John Anderson as Head Engineering Coordinator, and Christi Harris as Director of Accounting, most of which have worked together in multiple energy platforms.
Hightower and his teams have had an outstanding track record of creating value over multiple cycles over the past four decades. Most notably Hightower and Quantum partnered in forming Celero Energy Partners, LP in early 2004 and successfully grew the company and sold to Whiting Petroleum Corp. in July 2005 for over $800 million. Additionally, several of Quantum’s founders invested in and were instrumental in helping Hightower raise his private equity backing in 1995 in founding Titan Exploration, Inc. (NASDAQ:TEXP), a start-up E&P company which became Pure Resources, Inc. (NYSE:PRS), and was ultimately acquired by Unocal in 2003 for $1.6 billion.
“We are excited to be partnering once again with such an accomplished team to build an acquisition and exploration platform that we believe will deliver superior returns to both management and Quantum. The access to deal flow, financial and deal creativity, technical and operating expertise, and the tenacity of Hightower and his team set Bluestem apart from many of its peers. It is these qualities that were largely responsible for generating the superior returns we’ve realized the last two times we have backed Jack Hightower,” said Wil VanLoh, President and CEO of Quantum Energy Partners.
Jack Hightower remarked on the closing, “This is a great time to be in the energy industry. The current market environment, our team’s extensive experience, and the capital strength provided by Quantum and our co-investors will allow us the opportunity to build another successful oil and gas company.”
About Bluestem Energy
For more information on Bluestem please call (817) 872-9800 or fax information to (817) 872-9888. Bluestem’s offices are located at 301 Commerce Street, Suite 2001, Fort Worth, Texas 76102.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry with more than $6.5 billion of assets under management. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.