Saxet III Minerals, an oil and gas company focused on the acquisition and management of minerals and royalties in the US, has secured a $100m equity commitment led by Post Oak Energy Capital.
Image: Saxet III Minerals secures $100m equity commitment led by Post Oak Energy Capital. Photo: courtesy of rsvstks.
Post Oak Energy Capital, which is a Texas-based private equity firm, said that the management team of Saxet III Minerals will make the equity investment alongside it.
Saxet III Minerals is the third alliance with Post Oak Energy Capital and will be a continuation of the strategies implemented by the Saxet management team in Saxet Minerals (Saxet I) and Saxet II Minerals (Saxet II).
Texas-based Saxet Petroleum is claimed to be made up of a team that has vast experience in all phases of the oil and gas business in addition to a track record of acquiring and managing minerals.
Saxet president Robert E. O’Brien said: “The long-standing partnership with Post Oak has been instrumental in helping Saxet create significant value in the minerals space.
“We look forward to Post Oak’s continued insights and support as we build the Saxet III minerals portfolio.”
Both Saxet I and Saxet II are claimed to have collected core positions in the SCOOP, Merge and STACK plays in Oklahoma, the Midland Basin in West Texas and also the Bakken and Three Forks plays located in North Dakota.
Post Oak managing director Frost Cochran said: “Securing mineral and royalty interests is an integral part of the E & P industry and we recognized early on that Saxet’s approach and experience would uniquely position Post Oak’s portfolio.
“While more players have entered the minerals space since we partnered in forming Saxet I, we are confident that Robert and team will continue to differentiate themselves and drive returns.”
In October 2014, Saxet Petroleum formed Saxet I with a $50m capital commitment from Post Oak Energy Capital.
A few months later in January 2018, Saxet Petroleum created Saxet II, its second generation investment vehicle, with a $100m capital commitment from Post Oak Energy Capital.