EnCap Investments

Sabalo Energy is a privately held company based in Corpus Christi, Texas, specializing in the energy sector with a focus on the exploration, development, and production of oil and natural gas assets. The company operates as an upstream exploration and production firm, concentrating on responsibly developing energy assets in large-scale unconventional basins. Utilizing advanced dimensional seismic testing equipment, Sabalo enhances site productivity, thereby enabling its partners to generate substantial cash flow and maximize value through strategic acquisitions. The company prides itself on maintaining a strong reputation and fostering robust relationships with a core group of service companies, exploration and production firms, and financial partners.

Grenadier Energy Partners is a private exploration and production company based in The Woodlands, Texas. The company specializes in the extraction of crude petroleum and natural gas, utilizing advanced technology throughout the drilling, completion, and production phases of its wells. Grenadier Energy Partners employs a balanced strategy that encompasses both leasing and drilling opportunities with substantial resource potential, as well as targeted acquisitions that offer clear prospects for exploitation and development. This approach enables the company to profitably develop long-lived oil and natural gas assets while maximizing operational efficiency.

Modern Resources Inc. is an oil and gas exploration and production company based in Calgary, Canada. Established in 2012, the company specializes in the acquisition, development, and production of unconventional oil and gas assets, particularly within the Western Canadian Sedimentary Basin. Modern Resources focuses on acquiring proved reserves while also pursuing opportunities for resource upside. As of November 2020, it operates as a subsidiary of Tourmaline Oil Corp.

Pegasus Resources, based in Fort Worth, Texas, is a private company dedicated to acquiring mineral and royalty interests in established oil and gas resource areas, particularly the Permian Basin. The firm is supported by a significant investment from EnCap Investments and is led by a team of experienced professionals in the industry. Pegasus specializes in sourcing, evaluating, negotiating, and finalizing acquisitions to enhance returns for mineral owners, investors, and partners. The company emphasizes the importance of relationships in its operations, committing to principles of integrity, honesty, and transparency throughout its business practices.

Piedra Resources provider of oil and gas exploration and production services. Founded in 2004 by Energy Executives Robert Beecherl and Chip Smith in partnership with EnCap Investments L.P. With a focus on the Permian Basin, Piedra strives to create value through exploration, development and acquisition of natural gas and oil reserves. With the expertise and experience that Piedra was built upon, they pursue the exploration and development of lower-risk resource plays with scalability and upside. Their team has a proven track record of drilling and operational excellence.

Forge Energy is an independent exploration and production company that offers crude oil, natural and liquid gas, and other oil products. It focuses on value creation through acquisition and leasing, consolidation, and exploitation of mature oil and gas producing properties in the central United States.

XCL Resources is an energy company based in Houston, Texas, focused on oil and gas exploration. The company specializes in the identification, acquisition, and development of horizontal resource plays and oil wells. Utilizing advanced techniques such as full cube and dual cube development, XCL Resources aims to optimize production for its clients and maximize returns. The company emphasizes a culture of humility, data-driven operational execution, transparency, purposeful innovation, motivation, and a balanced approach to work and life.

Pegasus Resources, based in Fort Worth, Texas, is a private company dedicated to acquiring mineral and royalty interests in established oil and gas resource areas, particularly the Permian Basin. The firm is supported by a significant investment from EnCap Investments and is led by a team of experienced professionals in the industry. Pegasus specializes in sourcing, evaluating, negotiating, and finalizing acquisitions to enhance returns for mineral owners, investors, and partners. The company emphasizes the importance of relationships in its operations, committing to principles of integrity, honesty, and transparency throughout its business practices.

Silverback Exploration is an oil and gas exploration and production company focused on leasing and drilling opportunities in both conventional and unconventional resource plays throughout the United States. The company has developed a strong expertise in horizontal drilling and employs advanced technologies to enhance operational efficiency. Silverback Exploration aims to pursue organic development projects alongside strategic acquisitions, catering to the needs of both private and publicly traded companies. Recently, the company demonstrated its capability by successfully developing and selling assets in Reeves County, achieving a significant return on its investment.

Enduring Resources, LLC is an independent oil and gas company based in Centennial, Colorado, specializing in the acquisition and exploitation of long-lived natural gas assets in domestic onshore basins. Founded in 2004, the company has established a significant presence in regions such as the Uinta Basin and East Texas. Enduring Resources is focused on developing reserve bases and maintains a multi-year drilling inventory to optimize the extraction of oil and natural gas resources.

Black Swan Oil & Gas focuses on the acquisition and development of horizontal resource plays. The company is a privately held, growth-oriented exploration & production company with an expanding operational footprint in the Permian Basin.

Felix Energy, LLC is an oil and gas exploration and production company based in Denver, Colorado. Incorporated in 2013, the company specializes in developing and operating oil and gas assets throughout the onshore United States. Felix Energy aims to create value from its projects by leveraging its expertise in the exploration and production sectors. As of early 2020, it operates as a subsidiary of WPX Energy, Inc.

PetroLegacy Energy is an exploration and production company that acquires and develops oil and gas properties. PetroLegacy currently operates in the Midland Basin where it holds a substantial acreage position primarily in Martin County.

Grayson Mill Energy is an exploration and production company that acquires and manages oil and gas assets. Grayson Mill Energy generates value through disciplined acquisitions and the application of innovative exploration, drilling, and completion techniques. Grayson Mill Energy has a returns-focused strategy to acquire the best rock and drill industry-leading wells with high rates of return.

PayRock Energy, LLC is an Oklahoma City-based company funded by EnCap Investments, L.P. focused on the acquisition and development of resources in the STACK play of Oklahoma. Payrock Energy's Management Team has an extensive track record of value creation together with experiences from Oklahoma City’s most prominent large independent operators.

Raisa Energy LLC is an independent exploration and production company based in Denver, Colorado, specializing in the acquisition of non-operated working interests and mineral rights in major oil and gas basins across North America. Founded in 2014, the company focuses on high-return unconventional plays in regions such as Colorado, North Dakota, Oklahoma, and Texas, while actively evaluating additional acreage opportunities. Raisa Energy employs advanced technology and data analytics to conduct thorough due diligence, helping to ensure informed investment decisions and enhanced risk-adjusted returns for its partners. In addition to leasing and acquisition activities, the company provides expert analysis in geology, engineering, and economic assessments, further supporting its strategic operations in the oil and gas industry.

Verdun Oil Company is an oil and gas company that focuses on acquiring and developing oil and gas assets in Texas's Gulf Coast Basin and its Eagle Ford and Austin Chalk formations. Verdun Oil Company brings together a group of motivated employees focused on identifying, acquiring, and optimizing the recovery of oil and gas reserves at an industry-best cost basis while maximizing the benefits to employees, landowners, and the communities where they operate.

Piedra Resources provider of oil and gas exploration and production services. Founded in 2004 by Energy Executives Robert Beecherl and Chip Smith in partnership with EnCap Investments L.P. With a focus on the Permian Basin, Piedra strives to create value through exploration, development and acquisition of natural gas and oil reserves. With the expertise and experience that Piedra was built upon, they pursue the exploration and development of lower-risk resource plays with scalability and upside. Their team has a proven track record of drilling and operational excellence.

Paloma Resources is an oil and gas firm that provides oil and gas reserve exploration, exploitation, acquisition, and production. The company offers services related to oil and gas exploration, acquisition, and development of petroleum acreage.

Silverback Exploration is an oil and gas exploration and production company focused on leasing and drilling opportunities in both conventional and unconventional resource plays throughout the United States. The company has developed a strong expertise in horizontal drilling and employs advanced technologies to enhance operational efficiency. Silverback Exploration aims to pursue organic development projects alongside strategic acquisitions, catering to the needs of both private and publicly traded companies. Recently, the company demonstrated its capability by successfully developing and selling assets in Reeves County, achieving a significant return on its investment.

Earthstone Energy, an oil and natural gas development and production company operates in the up-stream segment of the oil and natural gas industry in the United States. Its asset portfolio includes the Midland Basin of west Texas and the Eagle Ford trend of south Texas.

Eagle Oil & Gas Co. is an oil and gas exploration and production company based in Dallas, Texas, with an additional office in Wichita Falls. Founded in 1976, the company focuses on the acquisition, development, and exploration of oil and gas reserves across multiple states, including Montana, Wyoming, New Mexico, Texas, Oklahoma, Louisiana, Arkansas, Mississippi, Ohio, Michigan, and Colorado. Eagle Oil & Gas manages its own properties and those of other companies, engaging in activities such as drilling new wells and optimizing legacy assets. The company aims to enhance the production and efficiency of its projects, contributing to the energy sector through its diverse portfolio of exploration initiatives.

Nuevo Midstream, LLC is a start-up midstream company headquartered in Houston. The company was formed with a $65 million commitment from the EnCap Energy Infrastructure Fund, Torch Energy Advisors Incorporated and Petroleum Fuels Company, Inc., including contributions of assets and management services from Torch Energy and Petroleum Fuels. Nuevo Midstream will focus its operations in the Permian Basin with emphasis on the Bone Springs and Wolfcamp formations and the Avalon Shale trend in southeast New Mexico and west Texas. Led by Jay Lendrum, Torch Energy's current president and COO, the senior leadership group at Nuevo Midstream has more than 120 years of energy industry experience and also includes Randy Ziebarth, vice president of operations; Chris Work, vice president and chief financial officer; and Dwight Serrett, vice president of engineering and construction.

Marquette Exploration, LLC engages in the exploration, delineation, and exploitation of natural gas resource plays in the continental.

Petrohawk Energy is an energy company engaged in the exploration, development, and production of crude oil and natural gas across several states in the United States, including Texas, New Mexico, Oklahoma, Kansas, and Louisiana. The company specializes in the acquisition and development of shale assets, particularly in key regions such as the Haynesville Shale, the Lower Bossier Shale, the Eagle Ford Shale, and various shale formations within the Permian Basin. Through its focused operations, Petrohawk Energy aims to maximize the potential of these rich resources.

Montage Resources Corporation was an oil and natural gas exploration and production company based in Irving, Texas, primarily active in the United States. The company focused on the Utica and Marcellus Shales, holding approximately 227,000 net effective undeveloped acres across southeast Ohio, West Virginia, and North Central Pennsylvania. As of its last reporting, Montage had estimated proved reserves of approximately 2,729.8 billion cubic feet of natural gas equivalent. Founded in 2011, Montage Resources emerged from the combination of Eclipse Resources and Blue Ridge Mountain Resources, and it underwent a name change in 2019. The company operated exclusively in the exploration and production segments of the oil and gas industry. In November 2020, Montage was acquired by Southwestern Energy.

Chord Energy is an independent oil and gas company focused on the development, production, and acquisition of crude oil, natural gas, and natural gas liquids. The company primarily operates within the Williston Basin, where it engages in the exploration and exploitation of energy resources. Through its strategic initiatives, Chord Energy aims to enhance its production capabilities and expand its asset portfolio in this key region.

Plantation Petroleum Company is an upstream oil and gas company that distributes petroleum and gas products to residential, commercial, industrial, and agricultural industries. The Plantation Petroleum Company includes the global processes of exploration, extraction, refining, transporting, and marketing of petroleum products.