MIDLAND, Texas–(BUSINESS WIRE)–Piedra Energy and Rock River Minerals (“Piedra Companies”) announced today the closing of their fourth capital commitment with Houston-based EnCap Investments L.P. (“EnCap”). With this closing, the Piedra Companies bring their aggregate outstanding commitments to $592 million.
The Piedra Companies are Midland-based and privately held. Piedra Energy is actively drilling horizontally in multiple benches in the Spraberry / Wolfcamp Trend of the northern Midland Basin. Rock River Minerals will continue its focus on aggressively expanding its mineral and royalty footprint in both the Midland and Delaware Basins.
“We have enjoyed our relationship with EnCap over the last eleven years,” says Piedra Co-Founder Chip Smith. “EnCap and Piedra enjoy a common vision for growth and success in the Midland and Delaware Basins.”
Since 1988, EnCap has been the leading provider of venture capital to the independent sector of the U.S. oil and gas industry. The firm has raised 21 institutional oil and gas investment funds totaling approximately $37 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit http://www.encapinvestments.com/