Kraken Resources has secured an equity commitment for its latest venture from Kayne Anderson, which has backed Kraken and its predecessor entities since its formation in 2012.

“We are excited to again partner with Kayne Anderson in search of acquisitions,” commented Kraken Co-founder Bruce Larsen in a company release on July 26.

Kraken Resources II disclosed in the release it had received an equity commitment in excess of $400 million from funds managed by Kayne Anderson Capital Advisors LP, including Kayne Anderson Energy Fund VIII LP and Kayne Private Energy Income Fund II LP along with Kraken II’s management team. The commitment follows an upsized equity commitment to Kraken I, currently one of the largest private E&P companies in the Williston Basin, by Kayne Anderson last December.

Mark Teshoian, managing partner at Kayne Anderson, commented in the release, “Over the course of our nine-year partnership, the Kraken II management team has demonstrated the ability to successfully manage a large-scale asset base across a number of commodity price cycles. We are excited to both continue our existing commitment to Kraken I and also to partner with this accomplished team once again.”

Larsen and fellow Kraken Co-founder Brad Suddarth will head the management team of Kraken II—Larsen as president and CEO and Suddarth as executive vice president and CFO—in pursuit of “large, oil-weighted acquisitions with an initial focus in the Williston Basin,” according to the company release.

The pair also currently lead Kraken Resources LLC, the existing portfolio company of certain funds managed by Kayne Anderson. Kraken I’s operating footprint consists of over 130,000 net acres across North Dakota and Montana, with over 20,000 net boe/d of production.

In the release, Larsen noted that Kraken I has drilled over 200 wells since 2017 and currently operates approximately 350 wells in the Williston Basin.

“We have built an organization of talented, driven people who will ultimately help Kraken II succeed in acquiring and developing a new asset base,” he added.

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