Veritas Energy LLC of Fort Worth announced the formation of Veritas Permian II LLC Oct. 24 and simultaneous closed an equity commitment from Carnelian Energy Capital II L.P., a fund managed by Carnelian Energy Capital Management L.P.
Veritas Permian II, led by Hollis Sullivan, Mark Schumacher, Butch Ford, Chad Skiles and Steve Fitzgerald, will pursue upstream opportunities in select onshore basins, with an initial focus on non-operated Permian Basin assets, the company said in a news release.
Most recently, the Veritas team built an acreage position in the core of the Midland Basin that culminated in a sale to Parsley Energy after merging Veritas Energy Permian LLC with Double Eagle Lonestar LLC to create Double Eagle Energy Permian LLC.
“We are thrilled to be partnering with Carnelian. Their focused fund structure and culture of being value additive aligns our teams to progress efficiently as we evaluate and execute opportunities, Sullivan, founder and CEO of Veritas, said in the news release.
“Hollis and the Veritas team have an impressive track record of value creation. We are thankful to have the opportunity to team up with such highly-talented and driven entrepreneurs,” said Carnelian Partner Tomas Ackerman.
– FWBP Staff