Quantum Energy Partners Announces the Formation of Rio Oil and Gas II, LLC
HOUSTON, TX–(Marketwired – Feb 3, 2015) – Quantum Energy Partners (“Quantum”) is pleased to announce the formation of Rio Oil and Gas II, LLC (“Rio II” or the “Company”) together with its founders, Alan Clemens (“Clemens”), Stacey Cude (“Cude”), and the management team.
Rio Oil and Gas, LLC (Rio I) was formed in June 2013 and quickly acquired assets in the Permian Complex in both the Midland and Delaware Basins. Over the following twelve months, Rio I doubled its acreage footprint in the Midland Basin, improved operations, and grew net production to 3,000 Boepd. Rio I successfully monetized its position in the Permian Complex during September 2014 in a series of transactions totaling $585 MM.
Rio II will engage in the acquisition and development of oil and gas assets, focusing on both conventional and unconventional plays in select North American basins where the team has prior experience. Quantum and members of the management team have collectively made capital commitments in excess of $350 million to the Company.(more…)