Quantum Energy Partners has revealed the formation of Bluestem Energy to acquire producing properties and exploit and explore for reserves in targeted strategic trends in North America.
Bluestem, headquartered in Fort Worth, is targeting to have as much as $1 billion in available equity from Quantum, co-investors, and the management team.
Jack Hightower will become chairman, chief executive officer, and president. Other principals include Mike Cherry as executive vice-president and head of engineering, Jon Baker as vice-president of geosciences, Jim Gresham as vice-president of land, and John Anderson as head engineering coordinator.
Hightower and Quantum formed Celero Energy Partners LP in early 2004 and successfully grew the company and sold to Whiting Petroleum Corp. in July 2005 for more than $800 million. Several of Quantum’s founders invested in and were instrumental in helping Hightower raise his private equity backing in 1995 in founding Titan Exploration Inc., a start-up E&P company that became Pure Resources Inc. and was ultimately acquired by Unocal in 2003 for $1.6 billion.