Natural Gas Partners Appoints Oil and Gas Entrepreneur Charles R. Stephenson as a Venture Partner

IRVING, Texas--()--March 30, 2005--Natural Gas Partners ("NGP"), one of the leading private equity investors in the oil and gas industry, today announced that Charles R. Stephenson has joined the firm as a Venture Partner.

Mr. Stephenson launched his extensive relationship with NGP in 1996 as Chief Operating Officer of Spring Holding Company. Spring was a $10 million start-up portfolio company sponsored by NGP that was sold in 1999 for $250 million. Capitalizing on Mr. Stephenson's deal-finding skills, NGP sponsored a second company, Bravo Natural Resources, Inc., which began operations under Mr. Stephenson's leadership in September 1999 with $12 million of NGP equity. Bravo continued Spring's pattern of aggressive growth and was a leader in the development of the Granite Wash producing horizon in the Anadarko basin. Mr. Stephenson sold Bravo for $119 million in December 2002 and immediately reformed as Bravo Natural Resources Holdings, L.L.C. ("Bravo II"), with a $20 million commitment from NGP. Bravo II concentrated again on drilling for natural gas in the Granite Wash formation in various Texas and Oklahoma locations, and was sold in August 2004 for $335 million.

Prior to this series of successes, Mr. Stephenson spent 15 years in the industry working for Samson Resources Company, Circle L Drilling Company, Unit Petroleum Corporations and Conoco, Inc. He holds a Bachelor of Science degree in Petroleum Engineering from the Mississippi State University

"We are extremely excited that Charlie Stephenson has joined us as a Venture Partner," said Ken Hersh, Managing Partner of Natural Gas Partners. "Charlie combines superb leadership and management skills with the insight to identify unique oil and gas opportunities. We are certain that Charlie will add immediate value to our firm as he assists in our efforts to identify and evaluate transactions and potentially be involved at a senior management level in future Natural Gas Partners transactions."

Mr. Stephenson can be reached through NGP's Irving, Texas office at (972) 432-1440.

Natural Gas Partners is one of the leading investment firms in the energy business. The NGP platform includes the North American private equity fund complex, a $1.6 billion family of investment funds organized to make direct private equity investments in energy companies. Also, in 2004, NGP launched NGP Capital Resources Company (NASDAQ:"NGPC"), a $261 million publicly-traded mezzanine investment fund focused on lending capital to energy companies.

To date, NGP has invested over $1.3 billion in over 70 private energy companies located throughout North America. In addition, the firm has been the catalyst for some of the larger recapitalizations and merger transactions in the independent oil and gas sectors. In total, NGP has been a leader in structuring and negotiating transactions totaling over $10 billion.

Contacts

Natural Gas Partners
Kenneth A. Hersh, Managing Partner
972-432-1440
khersh@ngptrs.com

Contacts

Natural Gas Partners
Kenneth A. Hersh, Managing Partner
972-432-1440
khersh@ngptrs.com