FORT WORTH, Texas, December 27, 2011 \u2013 Braden Exploration, an exploration & production company focused on the Barnett Shale, today announced the completion of the sale of the company to a strategic buyer. Founded in 2006 by Bruce Braden and the management team of Chris Veeder, Greg Smith, and Tony Gardner, Braden grew to be a pioneering operator in the Barnett Shale \u201cCombo Play\u201d in Montague County, Texas as well as the developer of additional Barnett Shale properties in Denton and Wise Counties, Texas.<\/p>\n
In 2008, Lime Rock Partners, an energy-focused private equity firm focused on the E&P, energy service, and oil service technology sectors worldwide, began a series of growth capital investments in Braden to partially finance the company\u2019s land and drilling program. The Braden team completed over 50 wells in the approximately three years of Lime Rock Partners\u2019 partnership, generating significant value creation for all Braden shareholders. The Braden board launched an exit process to monetize that value creation in the summer of 2011 and completed that exit process in December 2011 with the sale of all Braden\u2019s assets to another exploration & production company active in the Barnett Shale.<\/p>\n
Bruce Braden, founder and chairman of Braden Exploration, said, \u201cToday is a gratifying day for the entire Braden team. Our management team has been working the Barnett Shale for most of the last ten years, and we launched Braden with the thesis that, even as the basin matured, there would continue to be overlooked areas of tremendous geological and economic potential. The ride was not only successful but enjoyable, and we formed a great partnership with the Lime Rock Partners team, who brought significantly more than just money to the table.\u201d<\/p>\n
Townes Pressler, a Managing Director on the Lime Rock Partners team, noted, \u201cBruce assembled and guided an absolute first-rate team of professionals to lead Braden, and we can\u2019t praise highly enough the untiring work of Chris, Greg, Tony, and the entire Braden team in securing new opportunities and developing the resource with exceptional well results and cost control.\u201d Jeffrey Scofield, also a Managing Director on the Lime Rock Partners team added, \u201cEven though natural gas prices corrected by nearly two-thirds during our investment in Braden, the outcome exceeded our expectations, testifying to not only the possibilities in the Barnett Combo Play but also the operational excellence of everyone at Braden.\u201d<\/p>\n