Antero Resources to pursue gas in Rockies, Midcontinent

Antero Resources secured a $260 million equity funding program led by Warburg Pincus LLC, Yorktown Energy Partners V LP, Lehman Brothers Merchant Banking Group, and Antero Resources management.

Feb. 19, 2003

By OGJ editors

HOUSTON, Feb. 19 -- Antero Resources Corp., Denver, secured a $260 million equity funding program led by Warburg Pincus LLC, Yorktown Energy Partners V LP, Lehman Brothers Merchant Banking Group, and Antero Resources management.

Principals formed Antero Resources in 2002 to acquire, exploit, explore for, develop, and produce natural gas mainly in the US Rocky Mountain and Midcontinent regions, were management has extensive experience.

Antero Resources immediately used part of the proceeds to complete acquisition of a Midcontinent property, unspecified as to location, that contains 20 bcf of proved reserves and produces more than 3 MMcfd net.

Paul M. Rady is chairman and CEO and Glen C. Warren Jr. is president and CFO of Antero Resources. Both are former top executives at Pennaco Energy Inc., a Powder River basin coalbed methane player sold to Marathon Oil Corp. in February 2001.