Teal Natural Resources LLC has been formed to acquire and develop unconventional oil and gas resources, mainly in the Eagle Ford shale play of Texas.
The company has received a commitment of $125 million from private investment firms Pearl Energy Investments through Pearl Energy Investments LP and Natural Gas Partners through NGP Natural Resources XI LP. Each firm made an initial commitment of $62.5 million.
Teal is based in Dallas. Its founding partners are Chief Executive Officer John Roby, previously with Occidental Petroleum Corp. and Titanium Exploration Partners; Pres. and Chief Geologist Neil Basu, previously with Pioneer Natural Resources; and Chief Operating Officer John King, also previously with PNR.