Lime Rock Partners III, L.P. Closes at $425 Million


Westport, Conn., November 22, 2004 — Lime Rock Partners, a private equity firm focusing on the energy sector, is pleased to announce the first and final closing of its third fund, Lime Rock Partners III, L.P., with $425 million in capital commitments. The fund, like its two predecessors, will target privately-negotiated investments in growth-stage companies in the conventional oil service, oil service technology, and exploration & production sectors of the energy industry.

Based in Westport, Connecticut, Lime Rock also has offices in Houston, Texas; Aberdeen, Scotland; and Calgary, Alberta. Lime Rock closed its first fund in October 1998 with $105 million in capital commitments and its second fund in October 2002 with $320 million in capital commitments. Together, the funds have provided growth capital to 26 companies in Lime Rock’s targeted sectors of the energy industry in the United States, Canada, and Europe. Investments include IPEC, Sensa, Deer Creek Energy, Venture Production Company, Roxar, Hercules Offshore, PSL Energy Services, Serimer DASA, and U.S. Exploration Holdings.

Forty institutional investors, including leading endowments, foundations, and public pension funds, made capital commitments to Lime Rock Partners III. Over 80% of the fund’s capital commitments came from investors in Lime Rock’s previous funds, and the remainder came from a small group of new institutional investors. Lime Rock began meeting with institutional investors in September 2004. Monument Group assisted in the fundraising process as it did for Lime Rock Partners II, L.P.

Jonathan Farber, Managing Director of Lime Rock, commented, “We are honored by the trust placed in us by our existing investors and excited to welcome a number of great new investors. We are particularly appreciative that we were able to raise this fund on an accelerated timetable so that we can seize the good investment opportunities in high-growth companies in the energy industry.”

John Reynolds, Managing Director of Lime Rock, added, “We have assembled a team with the global network of relationships and deep, interdisciplinary expertise necessary to successfully invest in the growing energy sector. The continued success of Lime Rock is due to the hard work and experience of that team.”

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