| Strand Energy announced today a new joint venture partner, Cadent Energy Partners (www.cadentenergy.com), that will significantly extend its reach in today’s marketplace. Strand Partners, of which Strand Energy will own 10% and operate with Cadent owning the balance, will be focused on acquisition and development opportutities in Strand’s core operating regions. |
Author: vmann259
March 12, 2009
| Eschelon Managing Partner Tom Glanville was elected President of the Texas Tri-Cities (Houston, Austin, and San Antonio) Chapter of the National Association of Corporate Directors. The chapter is one of the largest and most active chapters nationally with over 600 individual members representing 47 corporations, the vast majority of which are public companies. Glanville has been a member of the association and the chapter since 2004 and a board member of the chapter since 2007. |
December 8, 2008
| Saber Oil and Gas Ventures, LLC (“Saber Ventures”), a Midland based Permian Basin focused oil and gas acquisition and exploitation company, completed its initial equity fundraising. Saber Ventures was founded by and is lead by the principals of Saber Resources, a historical Eschelon portfolio company sold in 2008. Energy Special Situations Fund II is the lead investor in the financing. Eschelon assisted with this placement and invested in the company. Eschelon Managing Partner Tom Glanville will be an Advisory Director. |
August 1, 2008
| Eschelon portfolio company Saber announced the completion of its sale to Celero for an undisclosed amount. Returns to Eschelon investors were approximately 2.17 times invested capital and a 20% plus annual internal rate of return. Final results will be provided after release of escrowed funds, expected by year end. |
April 30, 2008
| Eschelon portfolio company Chroma announced the completion of an acquisition of a private oil and gas company with assets in the Gulf Coast producing region of Texas and Louisiana. With the acquisition, the company now produces 17 million cubic feet of natural gas equivalent per day from 236 wells. New lead and most significant investor is ACON, a Washington DC based private equity firm. |
March 11, 2008
| The Board of Itron, Inc., a Eschelon portfolio company, has been named 2008 Board of the Year by the National Association of Corporate Directors-Seattle-Northwest Chapter. Eschelon Managing Partner Thomas S. Glanville has been a member of Itron’s board since 2001 and currently serves on its Audit Committee with the Financial Expert designation. See Yahoo Biz. |
February 22, 2008
Itron, Inc. reports for 2007 record annual revenue and EBITDA. See Itron, Inc. press release of 2007 earnings at www.itron.com.
January 25, 2008
| Strand Energy completed the buyout of two existing shareholders and welcomed Eschelon Energy Partners Managing Partner Tom Glanville as a new shareholder in this Houston based oil and gas exploration and production company. Glanville, will also join the board of Strand. The company is led by CEO Kent Brock, a petroleum engineer from the University of Texas who began his career at Mesa Petroleum Co. with Glanville. |
December 19, 2007
Pine Brook, the private equity fund founded by former Warburg Pincus Vice Chairman Howard Newman, completed its first closing at $840 million. Eschelon Energy Partners completed a feeder partnership for this fund, Pine Brook Texas, contemporaneously with this closing, and assisted Pine Brook in securing significant additional investors in the fund. See www.PineBrookPartners.com.
November 30, 2007
| Eschelon portfolio company Milagro announced the completion of its $825 million acquisition of the Gulf Coast Division of PetroHawk(NYSE: “HK”). Properties purchased had proved reserves of 266 billion cubic feet of natural gas equivalent and over 100 million cubic feet of natural gas equivalent of daily production as of the effective date of the transaction. New shareholders Guggenheim, ACON, and West Coast will join the board of the company. The Milagro management team had sold a significant part of these properties to PetroHawk in 2005 when they sold their predecessor company Mission to PetroHawk. |