LOLA Energy, a newly formed independent oil and gas company, announced today that it has recently closed on a $250 million equity commitment from leading energy and resources-focused global private equity firm Denham Capital. The equity funding will supplement equity commitments from the executive management team and be used by the company to pursue the leasing, acquisition, exploration and development of oil and gas properties in the Marcellus and Utica shale plays in Appalachia.
The company has begun acquiring oil and gas properties for horizontal shale oil and gas development in core areas of the two shale plays. It expects to bring 10 to 20 new jobs to the Greater Pittsburgh region within its first year of business and will procure the services of local companies and professionals serving the oil and gas industry whenever it is practical to do so.
“I am ecstatic that we have assembled together a group of highly talented oil and gas professionals who have the deep experience in the Appalachian Basin required to pursue horizontal shale development opportunities in our own backyard,” said Jim Crockard, LOLA’s Chief Executive Officer.
“As a lifelong resident of Southwestern Pennsylvania it feels very rewarding to create a locally owned, locally accountable oil and gas operating company. With the strong support of a sophisticated oil and gas private equity firm like Denham Capital, LOLA Energy is now ready, willing and able to partner with our local landowners, and their neighbours, to economically develop their oil and gas rights in a safe and environmentally conscious manner.”
A highly successful oil and gas business executive from EQT, Crockard helped transform the company into a leading independent oil and gas producer. During his 14 year career there, he led more than $2 billion of public debt and equity raises to fund EQT’s horizontal development programs as Corporate Treasurer. Most recently, Crockard served as Senior Vice President of Business Development & Land at EQT and was responsible for all upstream acquisitions, divestitures, joint ventures and land operations.
Joining Crockard on the company’s executive management team are three other former EQT colleagues. Chief Operating Officer Richard Hill, previously Executive Vice President of Drilling & Completions at EQT, is a 27 year veteran who has worked across the globe for producers such as BP, Texaco and NOWSCO. Highly regarded 30 plus year oil and gas veteran Lindell Bridges, who pioneered numerous early technological advances in EQT’s Marcellus shale gas development program alongside Crockard and Hill, is the company’s Chief Geosciences Officer. LOLA’s Chief Commercial Officer Dave Bradley, who worked at EQT for 14 years, most recently served as the company’s Senior Vice President of Midstream Asset Management and Sales and supported the IPO of EQT Midstream Partners, LP.
Combined, the company’s four person management team has nearly a century of experience in the oil and gas industry. They bring together a deep technical and commercial focus on horizontal shale oil and gas development, particularly in Appalachia, having worked together on drilling and completion programs that total more than 2,000 developed horizontal shale wells.
Jordan Marye, Partner at Denham Capital, added, “Denham is excited to partner with LOLA. We believe the founders’ deep, local roots and recent area successes provide a strong foundation to build a new E&P company in the country’s lowest cost gas basin.”
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