Lime Rock Partners Announces Investment in Patriot Drilling4/9/2003
WESTPORT, Conn., April 9, 2003 – Lime Rock Partners, an energy-focused private equity firm, announced today that it has invested $13.5 million with Casper, Wyoming based Patriot Drilling. The capital supplied by Lime Rock will provide Patriot with funds necessary to acquire and refurbish additional rigs for its Rocky Mountain based fleet. Lime Rock Managing Directors Thomas R. Bates, Jr., John Clarkson, and John Reynolds will join the company’s board of directors in conjunction with the investment.
“The Rockies region appears to be one of the few areas in North America that will have foreseeable growth in natural gas supply” said John Clarkson. “Patriot represents an attractive entry vehicle for Lime Rock, and the management team is well positioned to capitalize on future opportunities.” Kyle Swingle, Patriot’s President, said “We are pleased to have the endorsement of Lime Rock and believe their partnership will enable Patriot to become a leading drilling contractor in the Rockies.”
About Lime Rock Partners
Lime Rock Partners, based in Westport, Connecticut, is a private equity firm with over $420 million under management dedicated to investing in energy companies with high growth potential. With offices in the major energy centers of North America and Western Europe, Lime Rock targets growth equity investments in companies involved in oil field services, oil field technology, midstream services, and exploration and production. To learn more about Lime Rock Partners, visit www.lrpartners.com.
About Patriot Drilling
Patriot Drilling is a privately-held Casper, Wyoming based drilling contractor. The company was founded by Kyle Swingle and Bob Sanderson with 67 years of combined Rocky Mountain drilling experience. Patriot currently owns and operates 10 drilling rigs in the Rocky Mountains.