PLANO, Texas--(BUSINESS WIRE)--Petro Harvester Oil & Gas, LLC, an oil-focused exploration and production company formed by TPG to acquire and develop producing assets in North America, today announced that it has named William M. Griffin as President and Chief Executive Officer, effective immediately.
Petro Harvester, founded in mid-2010, has been led by Gareth Roberts and Jim Sinclair, who helped form the business with TPG. Griffin’s appointment completes the hiring of the senior management team.
Gareth Roberts, non-executive Chairman, said, “I’m excited to welcome Bill to lead Petro Harvester. Bill has an extremely strong operational background, as well as a successful track record of efficiently managing organizations, optimizing producing properties and profitably growing companies through asset acquisitions and drilling.”
Michael MacDougall, partner at TPG, said, “We’re pleased with the fast-growth trajectory of Petro Harvester, which has identified and acquired three producing, long-life oil properties in less than two years. We’re confident that, with Bill’s leadership, the Petro Harvester team will continue to identify strong exploration and production assets that can benefit from the team’s operational expertise.”
William Griffin said, “This is a dynamic company that has already demonstrated its capabilities to grow profitably and has tremendous additional growth potential. I look forward to joining this talented team and I’m excited about the opportunity to expand Petro Harvester to the next level.”
Petro Harvester has successfully completed three asset acquisitions to date, the most recent in February 2012, in which the company acquired long-life oil properties located in Mississippi and Louisiana from Denbury Onshore LLC, a subsidiary of Denbury Resources Inc. (NYSE: DNR). In 2011 Petro Harvester acquired oil properties in the Williston Basin of North Dakota, and in 2010 the company purchased producing oil properties in Mississippi from Comstock Resources, Inc. (NYSE:CRK). The company has been successful with subsequent developmental activities and has realized significant increases in production rates.
Griffin, 52, has over 31 years of U.S. onshore and offshore oil and gas experience. Most recently he was president of Ironwood Oil & Gas LLC which he helped found in 2008. Ironwood is a successful producer in Texas and Louisiana and has been an active driller utilizing horizontal technology. Prior to Ironwood, he served at El Paso Exploration & Production Company as senior vice president of the Onshore Division. Griffin held a variety of executive positions at El Paso, including overseeing many onshore basins and Gulf of Mexico operations. He joined El Paso in 1999 when the company merged with Sonat Exploration, where he was the vice president of the East Texas and North Louisiana Business Unit. Griffin started his career at TXO Production Corp. after graduating from Texas A&M University with a B.S. in Mechanical Engineering. He is also a licensed professional engineer in Texas.
About Petro Harvester Oil & Gas
Petro Harvester Oil & Gas is an exploration and production company focused on acquiring and efficiently operating producing oil properties. The company's employees have a long history of effectively executing transactions in the sector and subsequently optimizing and growing production through operational improvements and creative incremental development activities. Petro Harvester is led by a group of senior executives with extensive industry experience. The company’s headquarters are in Plano, Texas. Please visit www.petroharvester.com.
TPG is a leading private investment firm founded in 1992, with $51.5 billion of assets under management and offices in Fort Worth, San Francisco, Beijing, Chongqing, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm’s current and prior energy investments by sector include oil and gas (Belden & Blake Corporation, Chesapeake Energy, Denbury Resources, Maverick American Natural Gas, MI Energy, Petro Harvester Oil & Gas), midstream and oil field services (Copano Energy, Valerus Compression Services), downstream (Northern Tier Energy), coal and power (Alinta Energy, Energy Future Holdings, Delta Dunia, Texas Genco), chemicals (Kraton Performance Polymers, Nexeo Solutions) and cleantech (Alphabet Energy, Amyris, Beta Renewables, China Renewable Energy, Elevance Renewable Sciences, Greenko). Other notable TPG investments have included Alltel, Beringer Wine Estates, Burger King, IMS Health, J.Crew, Neiman Marcus and Sabre Holdings. For more information visit www.tpg.com.