Randy Foutch has formed Midcontinent-focused, Tulsa, Oklahoma-based Laredo Petroleum with private equity from management and a commitment of $300- to $500 million from Warburg Pincus. Laredo also has a $300-million revolving-credit bank facility. Foutch created and sold three Midcontinent-focused E&P companies, including Lariat Petroleum and Latigo Petroleum. Warburg Pincus provided equity funding for these companies as well. Lariat was founded in 1997 and sold in 2001 to Newfield Exploration Co. for approximately $333 million; Latigo was formed in 2002 and sold in 2006 to Pogo Producing Co. for approximately $750 million. At Laredo, Foutch is joined by Jerry Schuyler as chief operating officer. Schuyler has more than 30 years of experience at Arco Oil & Gas, Dominion E&P and St. Mary Land & Exploration. Also forming Laredo are Pat Curth, Oran Hall, Mark Womble and other former colleagues of Foutch's. Laredo has already made a $75-million acquisition: assets from Austin, Texas-based Jones Energy Ltd., involving 130 producing properties primarily in Hansford County, Texas. For more on this, see the September issue of Oil and Gas Investor. For a subscription, call 713-260-6441.

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