Upstream Portfolio

Since 1988 EnCap has invested approximately $24 billion in more than 240 different upstream companies. More than 200 investments have been realized, creating strong returns for EnCap’s institutional partners over multiple industry cycles.

Advance Energy Partners

Initial Investment:
2014

Advance Energy Partners is a Houston-based exploration and production company focused on acquisition and low-risk leasing and drilling opportunities in Texas. The Advance assets are currently being managed by the team at Ameredev II. 

Ameredev II

Initial Investment:
2017

American Resources Development is an Austin-based exploration and production company focused on the acquisition and development of oil and gas properties in the Permian Basin.

Black Swan Oil & Gas

Initial Investment:
2017

Black Swan Oil & Gas, LLC is an Oklahoma City-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48.

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Earthstone Energy

Initial Investment:
2012

Earthstone Energy is a publicly traded (NYSEMKT:ESTE) oil and gas company based in the Woodlands, Texas. The company was formed in 2012 by Frank Lodzinski and his technical team, which over the past 20 years has an established track record of value creation at various public and private companies. Mr. Lodzinski previously managed and founded GeoResources (NASDAQ:GEOI), Cliffwood Oil & Gas and AROC, Inc.

Encino Environmental Services

Initial Investment:
2021

Encino is a Houston-based environmental monitoring, measurement, and technical services and products company focused on evaluating and minimizing greenhouse gas (“GHG”) emissions in the energy industry.

Enduring Resources IV

Initial Investment:
2017

A Denver-based independent oil and gas company focused on acquiring and developing oil and natural gas reserves in domestic onshore basins.

Forge Energy II

Initial Investment:
2018

Forge Energy II is a San Antonio-based exploration and production company focused on the acquisition and development of horizontal resource plays in the Lower 48.

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Grayson Mill Energy

Initial Investment:
2016

Grayson Mill Energy, LLC is a Houston-based exploration and production company focused on the acquisition and development of oil and gas assets within various U.S. unconventional resource plays.

Grenadier Energy III

Initial Investment:
2021

Grenadier's strategy is to acquire and profitably develop long-lived oil and natural gas reserves by applying cutting-edge technology through the drilling, completion and production phases of its wells.

Montage Resources

Initial Investment:
2011

Montage Resources is a publicly traded (NYSE: MR) oil and gas company based in Irving, Texas, focused on acquiring and developing acreage in the Appalachian Basin. Montage Resources was formed in 2019 through a combination of Eclipse Resources and Blue Ridge Mountain Resources. Eclipse Resources was initially capitalized by EnCap in 2011 and subsequently publicly listed on the NYSE under the ticker ECR.

Novo Oil & Gas

Initial Investment:
2016

Novo Oil & Gas, LLC is an Oklahoma City-based exploration and production company focused on the pursuit of proven, liquids-rich unconventional assets within various onshore U.S basins. Novo is led by two former PayRock Energy managers that played an integral role in the company's assembly, development and ultimate sale of its core STACK position to Marathon Oil Corporation. Novo was formed in August 2016.

Paloma Partners IV, V

Initial Investment:
2014, 2020

Paloma IV and V are privately held, Houston-based oil and gas companies focused on the acquisition and development of acreage in the United States. Management’s impressive track record of value creation includes three previous successful EnCap sponsored entities: San Juan Partners, Paloma Barnett and Paloma II.

Pegasus Resources II

Initial Investment:
2021

Based in Fort Worth, Texas, Pegasus Resources is focused on acquiring mineral and royalty interests in proven oil and gas resource plays, specifically the Permian Basin. Pegasus is led by a team of established leaders with the experience and expertise to source, evaluate, negotiate and close acquisitions providing value to mineral owners, investors, partners and stakeholders.

PennEnergy Resources

Initial Investment:
2011

PennEnergy Resources LLC, headquartered in Pittsburgh, is an independent oil and gas exploration and production company focused on the Marcellus Shale. Formerly serving as the executive management team of Atlas Energy, Inc., the company’s leadership has extensive experience in all facets of the oil and gas industry and has pioneered the development and expansion of the Marcellus Shale.

PetroLegacy Energy II

Initial Investment:
2016

An Austin-based independent oil and gas company pursuing acquisition opportunities with an initial focus on the Permian Basin.

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Piedra Resources III, IV

Initial Investment:
2014, 2018

Piedra III and IV are privately held, Midland, Texas-based oil and gas companies focused in the Permian Basin. Consistent with management's expertise and historical track record, Piedra will pursue the exploration and development of lower-risk resource plays with scalability and upside. The team has a track record of value creation including two successful EnCap-sponsored entities.

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Plains All American Pipeline, L.P

Initial Investment:
2016

Plains All American Pipeline, L.P. is a publicly traded master limited partnership headquartered in Houston that owns and operates midstream energy infrastructure in the United States and Canada and provides logistics services for crude oil, natural gas liquids, natural gas and refined products.

Sabalo Energy II

Initial Investment:
2021

Sabalo Energy II is an upstream exploration and production company focused on the acquisition and development of large-scale unconventional oil and gas assets. The company's objective is to build, operate and generate significant cash flow from a portfolio of upstream assets located in premier U.S. basins.

Silverback Exploration II

Initial Investment:
2017

Silverback Exploration is a private, independent oil and gas exploration and production company based in San Antonio. The company is currently seeking compelling leasing and drilling opportunities in both conventional and unconventional resources plays across the nation. 

Verdun Oil Company

Initial Investment:
2015

Verdun Oil Company is a privately held, Houston-based oil and gas company that will pursue the identification, acquisition and development of oil and gas assets in the United States.

XCL Resources

Initial Investment:
2018

XCL Resources is a Houston-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48.