LMP Exploration Operating, LLC Announces Its Formation


CORPUS CHRISTI, TEXAS October 12, 2004 — LMP Exploration Operating, LLC announces its formation in a transaction valued at approximately $35.0 million. Greenhill Capital Partners, LLC and Lime Rock Partners provided equity capital for the new company. The principals of LMP Exploration Inc., the predecessor to LMP Exploration Operating, LLC, contributed 20 oil and gas prospects as well as a wealth of land and exploration knowledge.

LMP Exploration Operating, LLC will focus on oil and gas exploration and development in South Texas. All of the principals of the company have significant experience in the area and the team will continue to concentrate on drilling prospects in the Texas Gulf Coast. The management team includes Duncan Chisholm, James Gresham, Michael Lucente, Michael Pedrotti, Gregory Robins, and Jeff Uecker.

Mr. Pedrotti, President of LMP Exploration Operating, LLC, said: “We welcome the opportunity to team up with high quality private equity providers like Greenhill and Lime Rock. Combining their financial strength with our land and exploration expertise allows us to take the logical next step in exploring for natural gas along the Texas Gulf Coast. We are now able to retain larger interests in our drilling prospects, move into operations, participate in third party prospects, and make strategic acquisitions.”

V. Frank Pottow, a Managing Director of Greenhill Capital Partners and a director of LMP Exploration Holdings, LP, added: “We are pleased to be working with an experienced team of exploration geologists and expert landmen with an enviable record of success at LMP Exploration Inc. The addition of Executive Vice President Gregg Robins from Concho Resources and Jeff Uecker from EOG Resources brings an operating capability to balance LMP’s historic prospect generation success.”

“We are impressed by LMP’s exploration track record of finding low cost reserves in the Wilcox, Vicksburg and Frio trends of South Texas. Mike Lucente and Mike Pedrotti have built an excellent team over the years and we are excited to be part of LMP’s future success,” said Jonathan C. Farber, Managing Director of Lime Rock Partners and a director of LMP Exploration Holdings, LP.

Greenhill Capital Partners is a $423 million private equity fund focused on the energy, financial services, and telecommunications industries. Greenhill Capital Partners is an affiliate of Greenhill & Co., LLC, an independent global investment banking firm. Through its offices in New York, London and Frankfurt, Greenhill advises corporations on their most pressing strategic financial needs, including mergers and acquisitions, leveraged or management buyouts and recapitalizations, and financial restructurings. For more information please visit www.greenhill-co.com.

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 conventional oil service, technology-focused oil service, and exploration and production and processing companies. For more information please visit www.lrpartners.com.

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