Houston, TX—(Business Wire) — November 3, 2014—Quantum Energy Partners (“Quantum”) and ExL Petroleum (“ExL”) are pleased to announce the formation of ExL Petroleum Management, LLC to engage in the acquisition and development of oil and gas assets across the Permian Basin. Quantum and members of the ExL management team have collectively made capital commitments in excess of $500 million to this partnership.
ExL was founded in 2005 by Doug Robison, Dave Feavel, and Mike LaMonica (together the “Management Partners”) and since inception has acquired, developed, and sold multiple Permian Basin asset packages for proceeds in excess of $1 billion at very attractive returns. Prior to founding ExL, the Management Partners each served as senior managers of Henry Petroleum, a highly successful Midland, Texas-based independent oil and gas company.
ExL will continue to be led by the Management Partners and has a complement of 25 senior professionals. The team includes Scott Dinger, Chief Operating Officer, who has been a part of the ExL management team since 2008 and Mark Gully, Director of Business Operations & Geosciences, who joined ExL in 2006 and also worked with the Management Partners for ten years at Henry Petroleum. This highly experienced and proven team is focused on building a sizeable business in West Texas that is grounded in superior technical and operating expertise.
Robison remarked on the closing, “We are thrilled to be partners with Quantum. It’s no secret that the Permian Basin has been turned on its side with the surge of horizontal activity. Quantum’s level of capital commitment and financial expertise, coupled with ExL’s operational excellence and history in the Permian Basin, will allow ExL to substantially grow its business and remain very competitive in the top oil and gas play in the world.”
Dheeraj Verma, Managing Director of Quantum commented, “We are excited to be partnering with a team as accomplished and entrepreneurial as ExL. We share a common passion for the oil and gas business and a commitment to building successful companies in Midland, TX. This team has a relentless focus on superior execution, something that will serve them well as they partner with landowners and other companies to accelerate the horizontal redevelopment of the Permian Basin.”
About ExL Petroleum Management, LLC Based in Midland, Texas, ExL will focus on the acquisition and development of oil and gas assets in the Permian Basin. The company currently employs approximately 25 professionals with experience across a range of disciplines including engineering, geology, operations, and accounting. For more information on ExL, please visit www.exlpetroleum.com or contact Scott Dinger at (432) 686-8080.
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 $9 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.