•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    True Oil raises $500M for Permian asset developments

    True Oil Co. LLC

    True Oil Co. LLC has secured $500 million for equity capital from an investor group, led by Los Angeles-based Ares Management, which includes True Oil management and other institutional investors. True Oil will use these funds to acquire and develop oil and gas assets in the Permian Basin.

    Based in Midland, Texas, True Oil is a newly formed company with a management team led by industry veterans Ronnie Scott, Keith Maberry, Michael Rhoads, Will Kiker, and Jamie Rhoads. The True Oil team has a track record of identifying, purchasing, developing, operating, and selling oil and gas assets in the Permian Basin, where they have drilled approximately 1,000 wells over the last decade.

    Prior to forming True Oil, Scott was president and COO of several Midland-based oil and gas companies, including Henry Petroleum, Henry Resources, and HPC Energy. Working as a team, the True Oil managers have been responsible for close to $3 billion of development, acquisition, and divestiture activity within the Permian Basin over the last few years. 

     

    Related Articles

    Parsley Energy appoints Desai to board of directors

    07/25/2014

    Parsley Energy Inc. reports that Dr. Hemang Desai has been appointed to the company’s board of directors, effective July 23, and will serve on the board’s Audit and Compensation committees.

    Broadleaf Capital changes name to EnergyTEK

    07/24/2014

    Broadleaf Capital Partners Inc. has adopted the name EnergyTEK Corp., reflecting its new mission to focus on technology and its application in the oil and gas industry.

    Industry Briefs

    07/18/2014

    Permian gearing up for increased output

    07/18/2014

    The use of horizontal rigs and hydraulic fracturing technology has revived the Permian Basin.

    Unconventional play upside potential

    07/18/2014

    The most promising growth may lie in the Permian

    More Oil & Gas Financial Articles

    Parsley Energy appoints Desai to board of directors

    Fri, Jul 25, 2014

    Parsley Energy Inc. reports that Dr. Hemang Desai has been appointed to the company’s board of directors, effective July 23, and will serve on the board’s Audit and Compensation committees.

    Broadleaf Capital changes name to EnergyTEK

    Thu, Jul 24, 2014

    Broadleaf Capital Partners Inc. has adopted the name EnergyTEK Corp., reflecting its new mission to focus on technology and its application in the oil and gas industry.

    Industry Briefs

    Fri, Jul 18, 2014

    Permian gearing up for increased output

    Fri, Jul 18, 2014

    The use of horizontal rigs and hydraulic fracturing technology has revived the Permian Basin.

    Unconventional play upside potential

    Fri, Jul 18, 2014

    The most promising growth may lie in the Permian

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ