True secures $500 million for Permian work

True Oil Co. LLC, Midland, has secured commitments totaling $500 million for equity investment in acquisition and development of Permian basin oil and gas assets.

The commitments are from an investor group led by Ares Management, Los Angeles.

True Oil was formed recently by Ronnie Scott, former president and chief executive operating officer of Henry Petroleum, Henry Resources, and HPC Energy of Midland.

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