Charger与Oaktree成立合资企业

Charger Shale Oil Company, an oil and gas partnership headquartered in Midland, Texas, and funds managed by Oaktree Capital Management, L.P., today announced their recently formed joint venture focused in the Permian basin. Oaktree has pledged $600 million in an initial equity commitment with an additional $300 million runway commitment.

Prior to funding, Charger secured more than 40,000 acres in the Delaware basin using capital sourced from management and key strategic investors. Charger has since closed on the initial acreage and has development plans to expand to over 85,000 acres. At full development, the partnership is targeting over 100 horizontal well locations across multiple horizons.

Charger is led by several key executives previously employed by Tall City Exploration (“TCE”). TCE acquired and developed more than 34,500 core acres (and another 48,000 prospective acres) utilizing $245 million of capital. TCE sold these assets for $1.2 billion in two transactions in 2014 and 2015. TCE’s use of advanced geological, petrophysical and engineering techniques to mitigate the risk of exploring beyond the traditional core boundary of the Wolfcamp play in the Midland basin made this increase in value possible.