TreadStone Energy Partners announced the formation of TreadStone Energy Partners III LLC with an equity commitment in excess of $180 million from Kayne Anderson Energy Fund  

TreadStone III represents the continuation of a successful partnership with Kayne Anderson Energy Funds dating back to the 2011 formation of TreadStone Energy Partners LLC.

“We are thankful for this opportunity to continue what has been an extremely successful partnership with the TreadStone team,” Ryan Sauer, managing director at Kayne Anderson Energy Funds, commented in a company release on Feb. 8.

Treadstone was founded in March 2011 as a Kayne Anderson Energy Funds portfolio company by Frank McCorkle, Key Sanford and Gene Roberts.

Initially focusing in East Texas, Treadstone I successfully transformed an old Glenrose gas field into a thriving new oil field. Treadstone II also focused in East Texas in the Hearne Field, which was successfully divested in December, according to the company release.

“Management has proven themselves to be best-in-class operators throughout the course of our 11-year relationship,” Sauer continued, “and we believe TreadStone III’s roster is filled with the experience necessary to thrive in today’s quickly evolving oil and gas environment.”

In a statement commenting on the new equity commitment, CEO of TreadStone III, Greg West, said the company will pursue and develop “scalable opportunities” across the Lower 48. The company will initially focus on Texas and New Mexico basins, according to the release.

“The working relationship with the Kayne team has been essential in our prior success and will play a critical part in the execution of the company’s goals,” West said.

In addition to West, the TreadStone III management team is led by the company’s original founder McCorkle as president, Leandro Vargas as vice president land and general counsel, and David Kita as vice president subsurface.

Founded in 1984, Kayne Anderson Capital Advisors LP is a leading alternative investment management firm focused on real estate, credit, infrastructure/energy, renewables and growth equity. Kayne manages $31 billion in assets, as of year-end 2021, for institutional investors, family offices, high net worth and retail clients and employs 350 professionals in five core offices across the U.S., according to the release.

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