Slate River Resources Announces Its Formation2/8/2005
DENVER, February 8—Slate River Resources LLC, a Denver-based oil and natural gas exploration and production company, announces its formation today. Experienced Rocky Mountain-region oil and gas executives Carter Mathies, Gary Davis, John Conley, Bruce Johnston, and Gary Forrest will manage the company. Lime Rock Partners, a private equity firm based in Westport, Connecticut, has committed to provide equity financing of $30 million to the company over the next three years.
Slate River’s activities will focus on the exploration and development of unconventional natural gas resources in the Rocky Mountain region. The company will initially pursue development projects in the Uinta and Piceance Basins in eastern Utah and western Colorado.
Carter Mathies, Chairman and Chief Executive Officer of Slate River Resources, commented, “This is an extraordinarily exciting day for our team. With the Lime Rock partnership, we are now able to embark on our program to find and profitably develop natural gas resources in the central Rockies. Our initial project in the Uinta Basin presents an opportunity to exploit a large underdeveloped resource, and we expect to begin field work on the project immediately.”
Jonathan Farber, Managing Director of Lime Rock Partners, added, “The Slate River team is among the most enterprising, skilled, and connected teams operating in the industry today. It is our privilege to be able to provide growth equity for Slate River to develop its initial projects and to pursue other high-growth projects in the region. This is Lime Rock’s fourth investment over the last two years in energy companies in the Rockies, and we continue to believe that the region presents some of the best opportunities in the energy industry today.”
Lime Rock Partners, based in Westport, Connecticut, is a private equity firm with $850 million under management dedicated to investing in energy companies with high growth potential. From offices in the major energy centers of North America and Western Europe, Lime Rock targets growth equity investments in conventional oil service, oil service technology, and exploration and production and processing companies. For more information, please visit www.lrpartners.com.
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