Oil and gas exploitation and production company WildFire Energy has announced equity commitments of more than $1bn (£799.3m) from management, funds affiliated with two major investment firms.

The two firms include New York-based global private equity firm Warburg Pincus and Los Angeles-based investment platform Kayne Anderson Capital.

WildFire CEO Anthony Bahr said: “Our business strategy is designed to rapidly achieve scale by capitalizing on current market dynamics and acquiring assets generating material cash flow today.”

WildFire president and chief operating officer Steve Habachy said: “With backing from Warburg Pincus and Kayne Anderson, we will be well-positioned to identify and develop sizable upstream and midstream assets where the latest technology can unlock further value potential and production optimization can improve cash flows.”

WildFire seeks to pursue onshore acquire-and-exploit opportunities in the US

WildFire is engaged in the acquisition and development of oil and gas assets with significant existing production. It seeks to pursue onshore acquire-and-exploit opportunities throughout the Lower 48.

Warburg Pincus managing director David Krieger said: “WildFire Energy’s focus on targeting underdeveloped assets fits perfectly with the opportunity set that we are seeing in the market.”

Through the application of modern technology and production optimization, WildFire Energy is focused on the acquisition and production of oil and natural gas properties in the US.

The company is led by CEO Anthony Bahr, who is the former President of WildHorse Resource Development, as well as by president and COO, Steve Habachy, who served as COO of WildHorse Resource Development.

In February 2019, US-based petroleum and natural gas exploration and production company Chesapeake Energy has acquired WildHorse Resource Development.

The acquisition of WildHorse, which operates in the Eagle Ford Shale and Austin Chalk formations in southeast Texas, is part of Chesapeake’s effort to expand oil growth platform.

Providing strategic access to premium Gulf Coast markets, the transaction adds nearly 420,000 high margin net acres in the Eagle Ford Shale and Austin Chalk formations to the portfolio of Chesapeake.