Fort Worth’s Black Mountain Oil & Gas LLC closed this week on a $150 million equity commitment from private equity fund Natural Gas Partners (NGP) through NGP Natural Resources XI LP.
Privately-held independent producer Black Mountain has several projects focused on the Delaware Basin in Texas and New Mexico.
“Our partnership with NGP will allow us to evaluate a broad opportunity set and move quickly when we identify a clear line of sight to value creation,” said Rhett Bennett, founder and CEO of Black Mountain in a news release. “This is a unique and challenging market, but one that we believe will create opportunity with the right partner.”
“We are excited to enter into a partnership with the Black Mountain management team,” said Chris Carter, managing partner of Irving-based NGP. “Rhett and the Black Mountain management team have a demonstrated track record of value creation, and we believe that they are well positioned to grow a successful company in the current environment. We are proud to be their partner.”