Houston-based EF Energy LLC , a private equity-backed company, has acquired about 30,000 acres in the Eagle Ford Shale since its founding in June 2010. With $230 million in initial equity commitments, EF Energy is focused exclusively on opportunities in the Eagle Ford trend and will acquire and develop leases primarily in the oil and condensate windows of the formation.
In addition to the acquisition of leases, EF drilled and cored three vertical wells in the fourth quarter of 2010 for the purpose of analyzing the Eagle Ford formation on its leases and de-risking its acreage. EF plans to commence drilling and completion of horizontal wells in March 2011 and has signed a one-year rig contract to support its development plans, with an option for a one-year extension. EF is also looking to continue to expand its leasehold in the trend.
Mike Janssen has been named CEO of EF Energy, Randall Reinhardt has joined as drilling manager, and Rick Tompkins will serve as completion manager. Janssen joins EF with 36 years of engineering and management experience with Amoco Corporation, BP plc, and Callon Petroleum Company. Reinhardt brings 27 years of engineering and management experience from various positions with Schlumberger Limited, Dowell, and ConocoPhillips. Tompkins has 30 years of engineering and management experience with Halliburton and TNK-BP International Limited, with much of that experience in the areas of fracture stimulation and horizontal completions. Additionally, John Thursby, co-owner of Texas Shale Gas Resources, is CFO and responsible for product marketing for EF Energy.
Glenn Adams, co-owner of Texas Shale will coordinate the acreage acquisition for EF Energy.
EF is funded by Goldman Sachs Capital Partners, Edgewater Energy LLC, and Texas Shale Gas Resources LLC, which have made aggregate initial equity commitments of $230 million. The partners of Edgewater and Texas Shale each bring over two decades of industry experience and over 200 years collectively to EF Energy.