Luxe Minerals LLC raised about $254 million of equity commitments from NGP through NGP Natural Resources XI LP and Luxe’s management team
/EINPresswire.com/ — AUSTIN, TX–(Marketwired – March 13, 2017) – Luxe Minerals LLC (“Luxe Minerals”) is pleased to announce it has raised approximately $254 million of equity commitments from NGP through NGP Natural Resources XI, L.P., and the Luxe Minerals management team. Luxe Minerals’ strategy is to acquire mineral and royalty interests in oil and liquids-rich basins throughout the United States, and to leverage the technical expertise and large-scale data analytics of the Luxe Energy management team. Luxe Minerals will focus on growing and emerging opportunities in the following oily basins: Midland, Delaware, STACK/SCOOP/MERGE, Eagle Ford, Bakken, Powder River and DJ.
The Austin, Texas based Luxe Minerals will be led by the Luxe Energy team, who in September 2016 divested its Delaware Basin assets to Diamondback Energy, Inc. for $560 million. In October 2016, Luxe Energy announced a new $524 million equity commitment from NGP and the Luxe Energy management team. The Luxe Energy team is currently seeking investment opportunities in large-scale operated positions in the same seven oily basins as Luxe Minerals.
Luxe Minerals Co-Founders A. Lance Langford and Jeff Larson have worked together for over 25 years at Burlington Resources, Brigham Exploration, and Statoil. While at Brigham and Statoil, Lance and Jeff served as executives, and drove both companies’ success and significant growth in the Bakken, drilling and completing more than 500 horizontal wells with 10,000 foot laterals.
A. Lance Langford, Chief Executive Officer of Luxe Minerals, commented, „We are excited about partnering again with NGP to build our minerals business. We believe the extensive technical work we are currently performing in these seven oily basins will provide us with a competitive advantage to acquire minerals in the top-tier areas of these basins.”
Scott Gieselman, Partner of NGP, said, NGP is excited and grateful to partner with the Luxe Minerals team. We are thrilled to continue working with such an energetic and skilled team and are pleased to have them in the NGP family.”
For more information about Luxe Minerals, please visit www.luxeminerals.com.
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $17 billion of cumulative equity comments organized to make strategic investments in the energy and natural resources sectors. For more information, please visit ngpenergycapital.com.