The PE Hub Network
Austin, Texas-based oil and gas company Luxe Energy LLC has secured about $524 million in funding. The investor was NGP.
AUSTIN, TX–(Marketwired – October 11, 2016) – Luxe Energy LLC (“Luxe”) is pleased to announce it has raised approximately $524 million of new equity commitments from NGP through NGP Natural Resources XI, L.P., the most recent NGP private equity fund focused on natural resources, and the Luxe management team. Luxe’s strategy is to acquire unconventional oil properties in oil and liquids rich basins throughout the United States, and to apply innovative technologies to drive operational excellence.
The Austin, Texas based Luxe recently divested its Delaware Basin assets to a subsidiary of Diamondback Energy, Inc. for $560 million.
Co-Founders A. Lance Langford and Jeff Larson have worked together for over 25 years at Burlington Resources and more recently as executives at Statoil. Prior to joining Statoil, Lance and Jeff served as executives for Brigham Exploration (“Brigham”), and drove Brigham’s success in the Bakken. Lance and Jeff continued to manage Brigham’s significant growth in the play through the merger with Statoil in 2011, until leaving to form Luxe.
A. Lance Langford, Chief Executive Officer of Luxe, commented, “After a highly successful partnership in the Delaware Basin, we are excited to again be working with NGP on building a world-class oil and gas company focused on creating significant value for our investors. We believe there are tremendous opportunities in today’s market to acquire, develop, and realize value in multiple, unconventional resources.”
“NGP is excited and grateful to once again partner with the Luxe team following such a successful venture,” Scott Gieselman, Managing Director of NGP, said. “We are thrilled to continue working with such an energetic, disciplined and skilled team and could not be happier to have them in the NGP family.”
For more information about Luxe, please visit www.luxeenergy.com.
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $17 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors
For more information about NGP, please visit www.ngpenergycapital.com