Vitruvian Exploration IV, The Woodlands, Tex., has been formed by energy private equity firm Quantum Energy Partners with a $450-million equity commitment to initially focus on oil and gas developments in the Eagle Ford shale of South Texas.
The new firm to-date has bought or contracted to acquire 120,000 net acres of undeveloped and “highly-contiguous” leasehold, including the recently reported $105-million cash deal for Sanchez Energy Corp.’s Javelina asset, which consists of 70,000 net acres in LaSalle and Webb Counties, Tex., with an average working interest of 100%. That deal is expected to close in the third quarter.
Vitruvian IV describes the 120,000 net acres as “world-class resource rock properties” and “optimally situated for long-lateral development.” The assets have no existing midstream dedications, providing “for an optimal long-term development strategy,” the firm says.
Vitruvian IV will begin operations on its Eagle Ford assets during the fourth quarter.
The firm is led by Richard Lane as executive chairman and John Thaeler as chief executive officer. Lane and Thaeler also were the founders and senior leaders of Quantum-backed Vitruvian Exploration II and Vitruvian Exploration III. Prior to Vitruvian, both Lane and Thaeler were senior executives at Southwestern Energy Co.
Vitruvian II acquired, delineated, and developed a position in Oklahoma’s SCOOP play that was ultimately sold to Gulfport Energy Corp. for $1.85 billion in a deal that closed in February (OGJ Online, Dec. 14, 2016).
Vitruvian III followed a similar strategy on a smaller scale in Oklahoma’s STACK play. That acreage was sold to an undisclosed buyer in April.