Investment funds managed by Morgan Stanley Energy Partners (MSEP), part of Morgan Stanley Investment Management, has made a majority equity investment in Presidio Petroleum.
The investment will facilitate the acquisition from Midstates Petroleum Company oil and natural gas properties in the western Anadarko Basin of Texas and Oklahoma and to support the growth of the Company’s exploration and production (E&P) business in the US.
Presidio Petroleum is a leading oil and gas efficiency company founded by Chris Hammack and Will Ulrich to acquire, operate, and optimize producing oil and gas properties through best-in-class operations and targeted development of proved reserves in established U.S. onshore basins. The partnership with MSEP provides the Company with additional resources to potentially expand Presidio Petroleum’s asset base in support of its operationally-focused strategy. Messrs, Hammack and Ulrich have a successful operating track record spanning multiple E&P companies prior to the establishment of Presidio Petroleum and lead a talented executive team with significant technical and operational expertise.
Chris Hammack, Co-Founder and Co-Chief Executive Officer of Presidio Petroleum, said, “We are enthusiastic to be partnering with Morgan Stanley Energy Partners in support of our vision of building an industry-leading operator of overlooked, developed oil and gas assets. We believe our relationship with MSEP will accelerate the growth of Presidio’s asset base across multiple basins where the Presidio management team has a long history of efficient and responsible operations.”
Will Ulrich, Co-Founder and Co-Chief Executive Officer of Presidio Petroleum, added, “Presidio was founded upon the philosophy of engineering efficiency. Our competitive advantage allows us to unlock the value of acquired oil and gas reserves through leading operational practices, modern development technologies, and the advancement and use of the digital oilfield. We are pleased to have a partner in Morgan Stanley Energy Partners that shares our philosophy and look forward to the collaboration as we pursue multiple opportunities to grow the business.”
Robert Lee, Managing Director of Morgan Stanley Energy Partners, said, “We’re excited to be investing alongside our management partners at Presidio Petroleum and look forward to shared success in the years ahead as we continue to support their differentiated strategy for the business.” John Moon, Managing Director and Head of Morgan Stanley Energy Partners, added, “Chris Hammack and Will Ulrich bring best-in-class management talent and operating experience to this strategy, and we’re delighted to be their partners in this very exciting business.”
Source: Company Press Release