| In November, 2006 Eschelon Energy Partners portfolio company Saber Resources completed a transaction with Lehman Brothers whereby Lehman contributed Permian Basin oil properties it owned plus cash to Saber for a 43% interest in the company going forward. In addition, it provided a line of credit to Saber to assist in the further development of the company’s properties. As a result of this transaction, Saber made a return of 50% of invested capital to its shareholders. This return of capital was at a 1.93 times initial valuation. |
May 15, 2006
| On May 11, 2006, Eschelon completed its investment in the Series A-2 units of Milagro Exploration(“Milagro”). Founded in 2005 and based in Houston, Milagro is an oil and gas exploration and production company focused on the onshore Gulf Coast region of Texas and Louisiana. The team is led by Bob Cavnar, CEO, Rick Piacenti, CFO, and Jack Eells, SVP Exploration and Geoscience, all former senior executives of Mission and El Paso. Plainfield Asset Management of Greenwich, Connecticut is the lead investor. |
September 28, 2005
| On September 21, 2005 Eschelon completed its investment in the Series A Preferred Stock of Chroma Exploration and Production, Inc., a Gulf Coast focused oil and gas exploration and production company. Joining Eschelon as a major equity investors in the company are Wellington, D. E. Shaw, Macquarie Bank, and NGP Capital Resources. As the largest investor not also participating in the company’s debt facility (led by NGP), Eschelon’s Managing Partner, Tom Glanville, joined the company’s board of directors. Other board members and individual investors in the preferred equity are Joe Foster, founder and former Chairman and CEO of Newfield Exploration (NYSE: NFX), and Steve Mikel, CEO of Chroma.The linked press release is from NGP. Click here for the link. |