Houston’s Saxet Petroleum, Inc., , a firm with core positions in Oklahoma’s STACK and SCORE plays received a $100 million equity commitment recently from Post Oak Energy Capital, LP.
Post Oak made the announcement on Monday indicating that it achieved the commitment through investment partnerships it manages. The commitment is for Saxet III Minerals, LLC.
Saxet III is the third partnership with Post Oak and will be a continuation of the successful strategies the Saxet management team has employed in Saxet Minerals,LLC (Saxet I) and Saxet II Minerals, LLC.
The Saxet operations have major positions in the SCOOP, Merge, and STACK plays in Oklahoma, the Midland Basin in West Texas and the Bakken and Three Forks play in North Dakota.
“The long-standing partnership with Post Oak has been instrumental in helping Saxet create significant value in the minerals space,” said Saxet President Robert E. O’Brien. “We look forward to Post Oak’s continued insights and support as we build the Saxet III minerals portfolio.”
“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,” said Post Oak Managing Director Frost Cochran. “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.”
Post Oak, which was established in 2006, is an energy-focused private investor based in Houston, Texas. The firm pursues private investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oilfield service and related infrastructure.