Houston, Texas — October 1, 2013—Quantum Energy Partners (“Quantum”) is pleased to announce the formation of Elk River Resources, LLC (“Elk River” or the “Company”) together with its founders Paul Morris (“Morris”) and Ed Jones (“Jones”).
Elk River will engage in the acquisition and development of oil and gas assets, primarily focusing on resource plays in select North American basins in which the team has prior experience. Quantum and members of the management team have collectively made capital commitments in excess of $200 million to the Company.
The Elk River team will be led by Morris as Chief Executive Officer. Prior to founding Elk River, Morris served as President and Chief Executive Officer of Wagner & Brown, LLC, a position he held since 1988. At Wagner & Brown, Morris was responsible for the management and direction of this successful Midland, Texas-based independent oil and gas company.
Joining Morris as Chief Financial Officer is Jones, who most recently served as the Managing Partner of Torch Partners, LLC, an investment banking firm he founded in 2004. Previously, Jones founded Texas Commerce Bank – Midland in 1984 and served as its Chairman and Chief Executive Officer up until its sale in 2000. Under Jones’ leadership, TCB-Midland became the most successful de-novo bank in the history of Texas Commerce Bank, growing to over $1 billion in assets under management.
Also joining the team are industry veterans Brian Ramey, V.P. – Operations, Billy Harris, V.P. – Engineering, and Jerry Groner, V.P. – Land. This highly experienced and proven team provides Elk River a strong platform to immediately begin executing its strategy. Each member of the Elk River team has an outstanding track record of creating value in resource plays.
Morris remarked on the closing, “Quantum provides best in class business and financial support along with a commitment to excellence that we feel is unmatched among the private equity providers in the energy space. I look forward to the partnership with Quantum being the first of many successful ventures with our team and theirs.”
Bill Montgomery and Dheeraj Verma, Managing Directors of Quantum commented, “We are excited to be partnering with such an accomplished team led by Paul and Ed. The Elk River team has a long history of success in the energy business. They are well positioned to acquire and develop assets across the Permian and Midcontinent through their relationships and experience in these areas. Their emphasis on cost optimization and development drilling will serve them well in today’s market environment.”
About Elk River Resources, LLC
Based in Midland, Texas with an office in Houston, Elk River will focus on the acquisition and development of onshore U.S. resource opportunities in select basins. The organization has proven skills in capital allocation, acquisition execution, cost optimization and development.
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.