PIPE • Oil/Gas Exploration

EnCap Investments and Post Oak Energy Capital Invest In Earthstone Energy

On January 31, 2022, growth capital firm EnCap Investments and private equity firm Post Oak Energy Capital invested in oil/gas exploration company Earthstone Energy

Investment Context
  • This is EnCap Investments’ 106th and Post Oak Energy Capital’s 24th transaction in the Oil/Gas Exploration sector.
  • This is EnCap Investments’ 111th and Post Oak Energy Capital’s 31st transaction in the United States.
  • This is EnCap Investments’ 84th and Post Oak Energy Capital’s 22nd transaction in Texas.
Investment Fate
  • Earthstone Energy was sold to a strategic buyer in 2023 for 4.5B USD.

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Investment Summary

Date January 31, 2022
Target Earthstone Energy
Sector Oil/Gas Exploration
Investor(s) EnCap Investments
Post Oak Energy Capital
Deal Type PIPE

Target Company

Earthstone Energy

The Woodlands, Texas, United States
Earthstone Energy is a growth-oriented independent oil and gas exploration and production company engaged in developing and acquiring oil and gas reserves through an active and diversified program that includes acquiring, drilling and developing undeveloped leases, asset and corporate acquisitions and exploration activities, with its primary assets located in the Eagle Ford trend of south Texas, the Midland Basin of west Texas, and the Williston Basin of North Dakota. Earthstone Energy was founded in 1969 and is based in The Woodlands, Texas.
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Investors Overview 2

Investor

EnCap Investments

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1988
PE ASSETS 47.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EnCap Investments is a private equity firm focused on the US energy sector. EnCap specifically looks for upstream and midstream opportunities within the oil and gas industry. EnCap generally partners with seasoned management when pursuing investments. EnCap Investments has offices in Dallas and Houston.


Deal Context for Investor #
Overall 113 of 120
Sector: Oil/Gas Exploration 106 of 109
Type: PIPE 2 of 2
State: Texas 84 of 90
Country: United States 111 of 118
Year: 2022 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 Tumbleweed Royalty IV

Fort Worth, Texas, United States

Tumbleweed Royalty IV is a company focused on mineral, royalty and overriding royalty acquisitions in the Permian Basin. Tumbleweed Royalty IV is based in Fort Worth, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-15 Jupiter Power

Austin, Texas, United States

Jupiter Power is a battery energy storage infrastructure platform with deep trading, analytics, development, finance, operations, and construction capabilities and unparalleled intellectual property in dispatch optimization. Jupiter Power is based in Austin, Texas.

Sell -
Investor

Post Oak Energy Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
Size Middle-Market
Type Sector Focused
DESCRIPTION

Post Oak Energy Capital is a private investment firm focused on growth capital investments US energy companies. Specific areas of interest include exploration and production, oilfield services (manufacturing/distribution), and midstream/related infrastructure assets. Post Oak Energy Capital is based in Houston, Texas.


Deal Context for Investor #
Overall 31 of 32
Sector: Oil/Gas Exploration 24 of 25
Type: PIPE 2 of 2
State: Texas 22 of 23
Country: United States 31 of 32
Year: 2022 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Moriah Henry Partners

Midland, Texas, United States

Moriah Henry Partners is an exploration and production company focused on the acquisition and development of oil and gas properties in the Midland Basin of West Texas. Moriah Henry Partners is based in Midland, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-01 Sierra Resources

Houston, Texas, United States

Sierra Resources is an exploration and production company. The Company is pursuing an acquisition and development strategy in the Eagle Ford Shale, one of the leading unconventional plays in the United States. Sierra Resources is based in Houston, Texas.

Sell -