AUSTIN, Texas--(BUSINESS WIRE)--Luxe Energy LLC ("Luxe") today announced the closing of its private equity financing with $500 million of funding commitments from NGP Natural Resources XI, L.P., the most recent Natural Gas Partners (“NGP”) private equity fund focused on natural resources, and management.
The Austin, Texas based Luxe will initially focus on West Texas and applying technologies such as long reach horizontal drilling and multi stage fracking.
The founders of the Company, Lance Langford and Jeff Larson, have worked together for over 24 years starting with Burlington Resources and most recently as SVP and VP at Statoil. Prior to joining Statoil, Lance and Jeff served as EVPs for Brigham Exploration and were responsible for Brigham's entry into the Bakken Unconventional Play and continued to manage the Company's significant growth in the play through the merger with Statoil until recently leaving to form Luxe.
Lance Langford, Chief Executive Officer of Luxe commented, "I'm very excited about finding opportunities and using technology to drive operational excellence. The team we have put together has a proven record of driving technology and top tier operations."
Scott Gieselman, Managing Director with NGP commented, “We have a great opportunity to partner with an amazingly successful team of proven oil and gas finders and operators at Luxe. The founders have an outstanding track record of success, and we look forward to working with them and are grateful that they have selected NGP to be their partner in this venture.”
About Natural Gas Partners
Founded in 1988, Natural Gas Partners (“NGP”) is a family of private equity investment funds, with approximately $16.5 billion of cumulative equity commitments, organized to make investments in the natural resources sector. NGP is part of the investment platform of NGP Energy Capital Management, a premier investment franchise in the natural resources industry. In addition to NGP, NGP Energy Capital Management’s investment platform includes NGP Global Agribusiness Partners and NGP Energy Technology Partners. www.naturalgaspartners.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.
