Greenlake Energy Announces Formation of Greenlake Energy II with a Capital Commitment from NGP and Expands Portfolio with Strategic Acquisition in the Delaware Basin
AUSTIN, Texas--(BUSINESS WIRE)--Greenlake Energy is proud to announce the formation of its newest E&P acquisition platform, Greenlake Energy II, LLC ('Greenlake II'), backed by over $200 million in equity commitments from funds managed by NGP Energy Capital Management, LLC ('NGP') and Greenlake's management team.
Greenlake II is led by current President and CEO, Matt Gallagher, who previously served as the CEO of Parsley Energy until its sale to Pioneer Natural Resources in 2021. The new capital commitment enables Greenlake to continue its operational and commercial momentum generated at Greenlake Energy I where the management team has successfully drilled over 60 horizontal wells in the Delaware Basin. The Greenlake team prides itself on being at the forefront of technical innovation in the industry, which has been recently demonstrated by completing three U-shaped horizontal wells.
Chris Carter, Managing Partner of NGP, shared, 'We are very excited to continue our partnership with the Greenlake team that dates back 14 years to our initial investment in Parsley Energy. Matt and the entire Greenlake team have an extensive network in the industry which provides differentiated deal flow and a unique track record of operational excellence with more than 750 horizontal wells drilled in the Permian Basin.'
Gallagher commented, 'Greenlake has built a strong investment alongside the NGP team, and we are excited to carry that momentum forward with Greenlake Energy II. Backed by a world-class technical and field team, we are positioned to execute a disciplined, multi-basin growth strategy. Our modern operator mindset gives Greenlake a distinct advantage in today's energy landscape. I am proud of the recent technical success of our ops team and vendor partners, completing three U-Shaped horizontal wells — two of which with a single-run bottom hole assembly.'
About Greenlake
Greenlake embodies the modern operator approach by adhering to its core values. Greenlake was founded in 2021, with former operations personnel and executives from Parsley Energy. The Company's 'modern operator vision' has served as an anchor to optimize capital efficiency and base production. The Greenlake Energy team has accelerated value with, and brought development solutions to, several of the largest E&P operators in the world through unique operational partnerships. Greenlake has ample dry powder and remains focused on growth opportunities in the Permian Basin and other core North American basins. For more information, visit www.greenlakeenergy.com.
About NGP
NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With over $25 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future. For more information, visit www.ngpenergy.com.
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