Ridgemont Equity Partners (“Ridgemont”) and the Company’s founders are pleased to announce the formation of Pintail Oil and Gas, LLC (“Pintail” or “the Company”). Pintail will be led by Dr. Jory Pacht (CEO), Mr. Jim Ivey (CFO), and Mr. William Shook (COO), three seasoned oil field veterans. The Company will focus on acquiring, enhancing, and developing oil and gas properties primarily along the onshore Gulf Coast. Pintail’s strategy will be supported by over $50 million of equity capital committed by Ridgemont and Pintail’s management team.
Prior to founding Pintail, each of the Company’s senior leaders held executive positions at other Gulf Coast focused upstream companies. Dr. Pacht served as Vice President Exploration/Corporate Secretary at EnergyQuest, Mr. Ivey served as CEO of Milagro Exploration, and Mr. Shook served as President of AOE Operators, Inc. Pintail’s other senior managers include Tom Nguyen (Exec. VP, Land and General Counsel), Jay Quinn (Exec. VP, Engineering), and John Smolen (Exec. VP, Finance). They have also spent significant portions of their careers analyzing, developing, and acquiring assets in the onshore Gulf Coast region. Pintail is well equipped with the financial and technical resources to identify, evaluate, operate, and grow Gulf Coast oil and gas fields. Pintail is based in Houston, Texas, with offices at 11200 Westheimer Road, Suite 520.
“The Gulf Coast is a value play in the oil and gas business. As many larger companies have moved toward unconventional plays, they are divesting Gulf Coast properties at attractive values. Gulf Coast conventional oil fields lack the glamour of the unconventional plays and many consider the Gulf Coast region to be a gas province. However, there are numerous oil fields with substantial remaining reserves and much of the oil receives a significant per-barrel premium over WTI. Well established infrastructure and an operator-friendly environment make the Gulf Coast an ideal place to invest in energy,” said Dr. Pacht, CEO of Pintail.
“Ridgemont is excited to partner with this deep and experienced team. We believe in Management’s ability to execute its value creation strategy with conventional assets in the Gulf Coast region,” said John Shimp, Partner at Ridgemont.