Following the successful divestment of Mid-Continent assets in Grant and Garfield Counties, Oklahoma, the former team of Plymouth Exploration announced on Friday that it has formed Triumph Energy Partners, LLC with a $100 million equity commitment from Kayne Anderson Energy Funds and members of the management team.
Triumph is a private exploration and production company formed to pursue the acquisition and development of oil and natural gas assets with a focus towards historically productive reservoirs with identifiable upside through modern drilling and completion techniques. The Company will focus on opportunities in the Mid-Continent region.
The Triumph management team is led by Jack Kueser, Joel Blake, Kyle Hill and Kerby Hunt who were previously the core senior management team of Plymouth.
Plymouth acquired approximately 30,000 net acres in Garfield and Grant Counties, Oklahoma and subsequently, ran a four-rig continuous program drilling over 60 horizontal Mississippi Lime and Woodford Shale wells. This development program de-risked several hundred future drilling locations and on June 30, 2014, Plymouth sold its Mississippi Lime and Woodford Shale assets to SK Innovation for $300 million.
Triumph’s CEO, Jack Kueser, commented, “Triumph Energy Partners is extremely pleased to continue our relationship with Kayne Anderson, which has been an integral factor in our success. We are highly optimistic about the forthcoming opportunities in the Mid-Continent region. Triumph’s re-entry point in the market is not only well positioned for acquisitions, but for joint development of resource plays that require capital deployment and a seasoned management group to deliver low cost results.”
“We look forward to furthering our partnership with such an accomplished management team with an outstanding track record of acquiring, operating and developing oil and gas assets, and the continued success of Triumph’s next venture,” said Mike Heinz, Managing Partner at Kayne Anderson.
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