HOUSTON--(BUSINESS WIRE)--Andros Capital Partners LLC (“Andros”) today announced it has closed a joint venture with Midland-Petro D.C. Partners, LLC (“MPDC”) under which Andros affiliate Andros Permian LLC will fund approximately $150 million to participate in a development drilling program targeting the highly productive Spraberry and Wolfcamp formations in Midland County, Texas.
“MPDC has assembled a world-class position in the core of the Midland Basin, and we’re excited to be a part of its development,” said Andros Managing Partner Phillip A. Gayle, Jr. “This transaction underscores Andros’ commitment to investing in high-quality assets in partnership with talented operators. It also highlights our ability to construct a creative capital solution to enable our partner to advance their strategic objectives.”
Willkie Farr & Gallagher LLP acted as legal counsel to Andros. Petrie Partners acted as financial adviser to MPDC and Vinson & Elkins LLP acted as legal counsel.
About Andros Capital Partners LLC
Andros Capital Partners is a private investment firm based in Houston, Texas. Andros combines flexible, long-duration capital with an opportunistic investment mandate, leveraging a proven track record of building, operating and monetizing assets across the energy value chain. For more information please visit www.androscapital.com.
About Midland-Petro D.C. Partners, LLC
Midland-Petro D.C. Partners is a private oil and gas company based in Midland, Texas.