Earthstone merged into Permian Resources in November in a $4.5 billion all-stock deal. (Source: Shutterstock/ Earthstone Energy)
Former Earthstone Energy executives have launched a new start-up—focusing on conventional oil and gas reservoirs.
“Our asset focus will be primarily set on conventional assets in Texas, New Mexico, Louisiana and Oklahoma,” said Robert Anderson, previously president and CEO of Earthstone and is now CEO of the start-up, PetroPeak Energy, based in Houston.
But, he added, the company “will also consider unconventional assets in the Eagle Ford and Austin Chalk” in South Texas.
“Our strong track record of operations and asset acquisitions, along with integration and portfolio management, will drive our returns-based strategy,” Anderson said.
Properties of interest are PDP-weighted with acquire-and-exploit upside.
Earthstone merged into Permian Resources in November in a $4.5 billion all-stock deal. The E&P had built its production to more than 100,000 boe/d from the Permian Basin and South Texas since its 2014 start.
Joining PetroPeak are Steve Collins, formerly COO of Earthstone, and Scott Thelander, formerly Earthstone’s vice president of finance.
Anderson is currently an Earthstone board member. He and retired Earthstone executive Frank Lodzinski had merged their EnCap Investments-backed Oak Valley Resources into publicly held Earthstone Energy in 2014.
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