TPH Partners II LP, a middle-market energy private equity fund, has formed Principle Petroleum Partners LLC, an independent upstream company headquartered in Dallas. Principle focuses on the acquisition and development of oil and gas properties in the Rockies, with a primary focus on the Big Horn Basin in Wyoming.
Principle is led by an experienced management team with a track record of success in their focus area. Scott Dobson, company president and CEO, has spent a significant portion of his career focused in the Rockies, starting at Merit Energy Company and most recently as COO at Nimin Energy Corporation, where he led the development and sale of Nimin’s Big Horn Basin assets in 2012. Dobson is joined by Scott Gladden, EVP of land and business development at Principle. Gladden has 11 years’ experience in the oil and gas business, including seven years with Merit, where he served as general counsel and director of land department.
“We are very happy to be in partnership with these two accomplished upstream veterans, Scott Dobson and Scott Gladden of Principle,” said George McCormick, managing partner of TPH Partners. “We look forward to spudding the first well this summer on Principle’s initial asset, and to adding more assets from its robust pipeline of potential transactions. These guys are strongly focused on a basin where their own experience, expertise and relationships should translate into great opportunities for attractive returns.”
“The company is well positioned to exploit an exciting opportunity set in the Big Horn Basin and continue pursuit of additional opportunities throughout the Rockies,” said Dobson. “We believe that our partnership with TPH Partners will provide us with considerable support toward the growth of Principle. TPH Partners’ technical expertise, relationships, and market knowledge will be accretive in the execution of Principle’s business plan, and we are extremely pleased to have the opportunity to work with this team.”
Houston-based TPH Partners is the private equity arm of Tudor, Pickering, Holt & Co. LLC, an integrated energy investment and merchant bank. TPH Partners makes private investments in the upstream, oilfield service and midstream subsectors of the energy industry.