HOUSTON & AUSTIN, Texas--(BUSINESS WIRE)--
Oil and Gas, LLC ("Venado") today announced a partnership to
consolidate proven assets in the Eagle Ford Shale of South Texas. The
partnership is principally funded by KKR's Energy Income and Growth Fund
Venado is led by CEO Scott Garrick and a core team of individuals who
have operated in the Eagle Ford since the play's inception. Venado
intends to apply its expertise to acquire and enhance Eagle Ford assets
through a focus on operational efficiency, technical innovation and
strong community relations.
David Rockecharlie, Member and Head of Energy Real Assets ("ERA") for
KKR, stated, "We have known Scott for many years and believe he and his
team have the experience and differentiated business approach necessary
to acquire attractive Eagle Ford assets and enhance long-term value
through superior technical and operational execution. KKR has a long
history investing in the Eagle Ford, and we look forward to expanding
our existing Eagle Ford asset position in partnership with Venado."
Scott Garrick, CEO of Venado, added, "We are excited to partner with KKR
in the Eagle Ford, where we both see the opportunity to build a large
scale, long-term business. Both Venado's management and KKR have been
active in the Eagle Ford since the early phase of development, and we
share the same vision of the next phase of its evolution. This provides
an ideal foundation for a strong partnership."
Venado's business plan is a natural fit within KKR ERA's asset-based
investment strategy that provides flexible capital solutions to upstream
operators. KKR has made more than ten investments in the Eagle Ford to
date. KKR ERA manages a portfolio of oil and gas assets in numerous
unconventional and conventional resource areas across the United States,
including developments in the Eagle Ford, Bakken, Barnett, DJ,
Haynesville, Marcellus, Permian and Utica.
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and
on Twitter @KKR_Co.
About Venado Oil and Gas
Venado Oil & Gas is a private company focused on the acquisition and
exploitation of upstream oil and gas assets. Headquartered in Austin,
Texas, its primary objective is to build and operate a portfolio of
producing oil and gas wells and drilling locations in the Eagle Ford
Shale. For additional information about Venado Oil & Gas, please visit www.vogllc.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160929005397/en/
Cara Kleiman, +1 212-519-1619
Source: KKR & Co. L.P.
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