Private equity firm Quantum Energy Partners has formed Vitruvian Exploration IV, with an investment commitment of $450m, to explore emerging and undeveloped oil and gas assets in North American unconventional resource plays.
Vitruvian IV has been formed in partnership with industry professionals Quantum, Richard Lane, John Thaeler and Brian Rickmers.
The newly formed venture will initially focus on the Eagle Ford Shale in South Texas, US.
Quantum has around 120,000 net acres of undeveloped and contiguous leasehold, including the recent acquisition of Sanchez Energy’s 70,000 net acre Javelina asset in the Eagle Ford Shale.
Quantum Energy Partners president Dheeraj Verma said: “We are very pleased to partner again with Richard, John, Brian and the entire management team at Vitruvian IV.
“They are a team of talented and motivated individuals who are exceptional at evaluating and then developing unconventional reservoirs.”
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By GlobalDataVitruvian IV is expected to begin operations on its Eagle Ford assets during the fourth quarter of this year.
Quantum previously formed Vitruvian Exploration II and Vitruvian Exploration III, involving the same individuals as in the current transaction.
The acreage position, acquired and developed by Vitruvian II in Oklahoma’s SCOOP play, was offloaded to Gulfport Energy in February this year for $1.85bn.
Vitruvian III acquired assets in Oklahoma’s STACK play, which was later sold to an undisclosed buyer in April this year.
