Lime Rock Partners Announces Growth Equity Commitment to Pentacor Energy Corporation
12/13/2023Calgary — December 13, 2023 — Lime Rock Partners, private equity investors in E&P and oilfield service companies, announces a growth equity commitment to Pentacor Energy Corp., a Calgary-based private company focused on creating sustainable value via the acquisition, development, and production of crude oil in Canada. Pentacor is the fifth private company led by Colin Davies and second partnership between Pentacor and Mr. Davies’ team following the sale of Cor4 Oil Corp. to International Petroleum Corp. in 2023.
Pentacor is seeking to create value in two ways: acquisition of producing conventional oil assets at value in its core focus areas, particularly within the Heavy Oil “Mannville Stack” fairway in Alberta and Saskatchewan; and leasing and drilling lower-risk conventional oil prospects in the same region using advanced drilling, completion, and production techniques.
In addition to Mr. Davies, Pentacor is led by Brad Plosz, Jeremy Thornborough, and Brett Olson.
Mr. Davies said, “After Cor4 initially partnered with Lime Rock in 2017, we endured one of the most tumultuous times in the history of the Canadian and global oil industry during the COVID pandemic. We’re proud to have created value through that period, allowing us to sell our assets when the markets recovered. Our partnership with Lime Rock strengthened through those challenging times, which called upon our collective patience and creativity. We’re thrilled to be partnering again with Lime Rock Partners in Pentacor, and to have their support and significant equity to pursue our new strategy.”
Jonathan Farber, Managing Director and Co-Founder of Lime Rock, added, “We’ve been investing in Canada since our formation over 25 years ago. There are times in which the market is suffering capital flight and better buyer dynamics, and we’re excited to be partnering with Colin and his team at Pentacor during a time like this.”
For more information on Pentacor, please see www.pentacorenergy.com.
Since its inception in 1998, Lime Rock Management has raised over $10.0 billion in private equity funds and affiliated co-investment vehicles for investment in the energy industry through three strategies: Lime Rock Partners, investors of growth capital in E&P and oilfield services companies; Lime Rock Resources, acquirers and operators of oil and gas properties in the United States; and Lime Rock New Energy, investors of growth capital in products and services companies in the energy transition. For more information, please visit: www.lrpartners.com.
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