Today, private equity firm Vortus Investment Advisors, LLC announced a new partnership with Stateline Operating, LLC. In fact, Stateline is a new operating and development joint venture between Vortus and Flat Creek Resources.
Accordingly, Flat Creek will manage Stateline with an initial focus on oil-rich assets’ development; particularly in Eddy County, New Mexico, in the Delaware Basin.
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Vortus Investment Advisors on partnering with Stateline Operating
North American upstream private equity firm Vortus Investment Advisors announced a new partnership with its newly formed JV with Flat Creek Resources, Stateline Operating, LLC.
Indeed, the company is a Fort Worth-based private equity firm focused on the lower middle market upstream energy industry in North America. Moreover, the firm has an asset-based investment strategy, targeting privately negotiated transactions in the lower to the middle market. For instance, it targets transactions requiring approximately $25 million to $100 million of equity capital in partnership with successful owners/operators.
On the other hand, Stateline Operating, LLC is a privately held, independent oil and natural gas company based in Fort Worth, Texas. Accordingly, Stateline acquires, develops, and produces oil and gas properties in the Permian Basin and other domestic resource plays.
In fact, Flat Creek will initially manage Stateline, focusing on the development of oil-rich assets. Notably, the JV will focus on Eddy County, New Mexico, in the Delaware Basin.
Reception and details of the partnership
“We are excited to partner with this management team, which has proven expertise and demonstrated success in this region;” said Jeff Miller, Managing Partner at Vortus. Thus, “this partnership further demonstrates our focus on strong investor alignment.”
Similarly, Brian Crumley, Managing Partner at the firm, added; “Looking to the future, our company will continue to evaluate additional partnership opportunities with the Flat Creek team in the Permian Basin. Also, other attractive domestic oil and gas resource plays across the country.”
In this regard, Mike McCracken, Stateline’s CEO, added, “We are excited to partner to develop one of the most economic plays in the United States with a focus on environmentally responsible operations. Hence, we value the support and courage of conviction.”
In fact, Kirkland & Ellis LLP served as legal counsel to Vortus with a team led by Dallas partner Thomas Laughlin and Houston partner Shubi Arora. Furthermore, Shearman & Sterling LLP served as legal counsel to Stateline with a team led by Houston partner Sarah McLean.