The investment will allow Slant III to pursue acquisition and development opportunities in the Permian Basin, the company said. (Source: Slant Energy)
Newly-formed Slant Energy III LLC has secured an equity commitment from Dallas-based private equity firm Pearl Energy Investments, the upstream E&P said Feb. 25.
The investment will allow Slant III to pursue acquisition and development opportunities in the Permian Basin, the company said.
Slant III was co-founded by Stewart Stover and Jeff Etienne. The Slant management team has had a successful track record in acquiring and then optimizing upstream assets in various onshore basins.
Slant I was formed in 2016 and secured a $30 million equity commitment from Pearl. The E&P scooped up assets in North Texas, East Texas and the Eastern Shelf before divesting in 2023.
Slant II secured a $90 million commitment from Pearl in 2022 and is currently operating and growing assets in the Permian’s Midland Basin, according to Slant Energy’s website.
“Pearl is excited to continue our long-standing, successful partnership with the Slant team,” said Billy Quinn, managing partner of Pearl. “Since 2016, Slant has created value across multiple basins and through various operating strategies. We expect the market to provide unique opportunities for Slant to capitalize in their focus areas.”
Kirkland & Ellis LLP served as legal adviser to Slant III and Willkie Farr & Gallagher LLP served as legal adviser to Pearl in connection with the formation of Slant III.
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