Based in The Woodlands of Texas, Vitruvian Exploration IV will purchase, develop and operate unconventional oil and gas assets in the US.
Quantum will provide up to $450m funding for the Vitruvian IV to build a portfolio of emerging and undeveloped oil and gas assets in unconventional resource plays of North America.
Initially, Vitruvian IV will focus on expanding its operations in the Eagle Ford Shale of South Texas. So far, the firm has acquired or contracted to purchase around 120,000 net acres of undeveloped and contiguous leasehold in one of its target areas.
Recently, Vitruvian IV has acquired 70,000 net acre Javelina asset from Sanchez Energy. The acquired acreage is said to include world class resource rock properties and is optimally located for long-lateral development.
During the fourth quarter of this year, Vitruvian IV will begin operations on its assets of Eagle Ford.
Richard Lane serves as executive chairman for Vitruvian IV, while John Thaeler as CEO and Brian Rickmers as chief financial officer.
Richard Lane, John Thaeler and Brian Rickmers were the founders and senior leaders of Quantum-backed Vitruvian Exploration II and Vitruvian Exploration III before the establishment of Vitruvian IV.
Vitruvian II purchased, delineated and developed a core position in Oklahoma’s Scoop play, which was divested to Gulfport Energy for $1.85bn in February this year.
Vitruvian III also developed a Stack play in Oklahoma, which was divested to an undisclosed buyer in April this year.
Lane said: “When we set out to find a financial partner in 2012, we wanted a technically minded, long-term, strategic partner who could help us achieve our goals and maximize value.
Quantum president Dheeraj Verma said: “We are very pleased to partner again with Richard, John, Brian and the entire management team at Vitruvian IV.”
