![Permian E&P Midway Energy Partners Secures Backing from Post Oak](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/02/permian-ep-midway-energy-partners-secures-backing-post-oak.jpg?itok=HZptzvzI)
(Source: Shutterstock.com/Post Oak Energy Capital)
New Permian Basin E&P Midway Energy Partners LLC has closed an equity commitment from investment funds managed by Post Oak Energy Capital to acquire and exploit a pipeline of opportunities throughout the play, the company said Feb. 7. The size of the commitment wasn’t disclosed.
Midway Energy, based in Midland, Texas, was founded in 2023 by CEO Jack Walter, COO Brady Adams and Jordan Cox, senior vice president of engineering. Each has successfully participated in building Permian private equity-backed ventures and public companies.
Walter said Midway Energy intends to build a best-class operator and said Post Oak has an outstanding track record of value creation in the energy industry.
“We are encouraged by the opportunity set in the Permian Basin and look forward to leveraging our technical and operational expertise, along with Post Oak’s financial acumen to maximize shareholder value through responsible development-oriented projects,” he said.
Adams said Midway Energy has built a reliable network of service providers that will allow the company to develop projects “responsibly and efficiently.” The company looks “forward to kicking off our development program in the near future.”
Ryan Walsh, Post Oak director, said growing tailwinds of consolidation, coupled with continued industry-wide capital constraints, “are generating bespoke opportunities for nimble companies such as Midway who can expeditiously identify and deploy ready capital into otherwise overlooked or stranded inventory.”
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