DENVER--(BUSINESS WIRE)--Axia Energy II, LLC ("Axia" or the "Company") today announced the closing of its private equity financing commitment with $200 million of funding commitments principally from NGP Natural Resources XI, Old Ironsides Energy, and management.
The founders of the Company are Adam C. Sayers, Daniel G. Blanchard, Thomas W. Dyk and Douglas R. Harris. This is the fourth company the founders have started, having worked together for the last eleven years.
Dan Blanchard, Chief Executive Officer of Axia, commented, “We are very pleased with the partner group behind Axia Energy II and the financial strength and knowledge base they provide. We believe the timing of this close, given the current commodity price environment, positions us well to maximize the use of our new capital. We have a track record built on our operational expertise and we will evaluate opportunities where we can deploy this expertise.”
Craig Glick, Senior Managing Director with NGP, commented, “We are thrilled to have the opportunity to partner with the entire team at Axia. The founders have an outstanding track record of success at their prior ventures and we look forward to working with them and have tremendous confidence in their ability to create value for all of their stakeholders.”
Sean O’Neill, Managing Partner with Old Ironsides Energy, said, “Old Ironsides is excited to continue our long relationship with the Axia team and looks forward to building on the previous success we have had together.”
About Natural Gas Partners
Founded in 1988, Natural Gas Partners is a family of private equity investment funds with cumulative committed capital of over $14 billion since inception, organized to make investments in the natural resources sector. Natural Gas Partners is part of the investment platform of NGP Energy Capital Management a premier investment franchise in the natural resources industry with $16.5 billion in cumulative committed capital under management since inception. www.naturalgaspartners.com
About Old Ironsides Energy
Old Ironsides Energy, LLC is an independent oil and gas investment manager founded in 2013 by the former members of Liberty Energy Holdings, LLC. Since 2001, the team has built a multibillion dollar platform for investing in energy private equity and drilling joint ventures and has a history of creating value in the oil and gas business. www.oldironsidesenergy.com
Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.