Lime Rock Partners V, L.P. Closes at $1.4 Billion

5/8/2008

Westport, Conn., May 8, 2008 — Lime Rock, a private equity firm focusing on the global energy sector, today announces the closing of its fifth Lime Rock Partners fund, Lime Rock Partners V, L.P., with $1.4 billion in investor capital commitments. Like the four predecessor Lime Rock Partners funds, Lime Rock Partners V will make creative, value-adding, and long-term growth capital investments in companies in the global energy industry.

78 institutional investors, including leading endowments, foundations, and pension funds, made capital commitments to Lime Rock Partners V. Lime Rock did not actively market the fund, and 91% of capital commitments came from existing Lime Rock investors. The firm began the fundraising process in February 2008.

Jonathan Farber, Managing Director of Lime Rock, noted, “We are grateful for—and humbled by—the support of the investors in Lime Rock Partners V. Almost all of the investors in Lime Rock Partners IV also made capital commitments to the new fund. The straightforwardness and speed of the fundraising process was a testament to our outstanding investors and the strong partnerships we have built with them over the last ten years. We look forward to continuing that partnership in future Lime Rock Partners and Lime Rock Resources funds.”

To date, the Lime Rock Partners funds have invested $1.0 billion in 47 energy portfolio companies worldwide, primarily in the exploration & production, energy service, and oil service technology sectors. Those funds have realized $1.7 billion and continue to hold significant unrealized value in their portfolio company investments. Lime Rock also manages Lime Rock Resources, a $450 million fund, which directly acquires and operates oil and gas properties in the United States.

John Reynolds, Managing Director of Lime Rock, added, “For ten years, Lime Rock has set out to be a unique investor of growth capital in the energy industry—unique in our global approach, unique in the interdisciplinary skills of our team, unique in our true partnerships with our portfolio company managers, and unique in our cross-sector strategy. This strategy has had one goal: to deliver exceptional returns to our investors. We are deeply appreciative of our investors’ trust, and we will remain untiring in our attempt to continue to deliver those exceptional returns.”

Established in 1998, Lime Rock manages $3.5 billion of private capital for investment in the energy industry through Lime Rock Partners, investors of growth capital in energy companies worldwide, and Lime Rock Resources, acquirers and operators of oil and gas properties. From locations in Aberdeen, Scotland; Houston, Texas; and Westport, Connecticut, the Lime Rock Partners team brings together a global network of relationships, deep interdisciplinary expertise in finance and energy company operations, and a strong track record of value creation.

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