?Rich Talley, Mark Sheehan and Jack Fritts have formed privately held, Tulsa, Okla.-based Primary Natural Resources III LLC to acquire and exploit conventional oil and gas properties in the Midcontinent, Oklahoma/ Texas Panhandle and Permian Basin with an initial equity commitment from Houston-based, private-equity provider Quantum Energy Partners, from its Quantum Energy Partners IV fund, and from management totaling more than $100 million.


“The option for additional equity infusions and syndicated bank debt in addition to the equity commitments will enable Primary III to target and expeditiously close investment opportunities,” Quantum reports.
Talley, Sheehan and Fritts have considerable experience in the E&P areas in which Primary III will operate. Talley founded and successfully sold Primary I and Primary II.


Prior to founding the first two Primarys, Talley was with Barrett Resources Corp. and Samson Resources Inc. Sheehan was president of Vintage Oil Argentina before becoming vice president, engineering, at Primary II. Fritts was operations manager of the Greater Prudhoe Bay Field for BP Alaska before joining Primary II as vice president, operations.


Sheehan and Fritts have extensive experience in waterflood and CO2-induced recovery operations in the Permian Basin.


“Our new company is built upon the success of Primary I and II,” says Talley, president and chief executive.?“With the advantages of having Quantum as our partner and our expanded management team, we are expecting even greater success than we achieved with the previous companies.”

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