Atlantic Energy Holdings, LLC (“Atlantic”) announced today that Rob Jacobs and Don Gann have joined the executive management team of Atlantic. Together, Jacobs and Gann have a deep background developing conventional fields through vertical and horizontal drilling, which will further enhance Atlantic's capabilities in developing its large land position in the southern Delaware Basin. Prior to joining Atlantic, they founded Classic Hydrocarbons Holdings, L.P. and held senior management positions at Encore Acquisition Company, both of which were investments made by Natural Gas Partners (“NGP”).
Atlantic is also pleased to announce that NGP, through its recently closed fund, NGP Natural Resources X, L.P., has increased its commitment of equity capital to Atlantic to $250 million. The increased capital commitment will be used to accelerate the development of Atlantic's southern Delaware Basin position, as well as to further grow the company's asset base through leasing and acquisitions.
“I am extremely pleased to welcome Rob and Don to the Atlantic team,” said Rick Jennings, CEO of Atlantic. “Rob and Don bring an unmatched technical expertise in evaluating mature formations for redevelopment via horizontal drilling. In addition, Rob and Don have a proven track record of efficiently leading active horizontal drilling programs. They have great relationships in the industry that are likely to be additive to Atlantic's proprietary deal flow. In addition to Rob and Don, we are proud to welcome several new members to the Atlantic team, who will join Rob and Don in Atlantic's Fort Worth office.”
“We are delighted to partner with Rick and his team on the continued growth and development of their Wolfbone position,” said Rob Jacobs. “We are extremely impressed with the asset base and team that Atlantic has assembled in this emerging play, and we are honored and excited to be a part of the next stage of Atlantic's growth.” Don Gann added, “We are all excited about the increased equity commitment from NGP, and the continuation of our long relationship with them.”
About Atlantic Energy Holdings
Atlantic is a Midland, Texas-based company, the predecessor of which was founded by its CEO Richard Jennings in 1998. To date, Atlantic has amassed over 20,000 net acres in the southern Delaware Basin. The company's Delaware Basin assets are located in Reeves, Ward and Pecos Counties. Atlantic also has acreage in the Wolfberry play in Midland County.
About Natural Gas Partners
Founded in 1988, Natural Gas Partners (NGP) is a $10.5 billion family of private equity investment funds organized to make investments in the natural resources sector. NGP is part of the investment platform of NGP Energy Capital Management, a premier investment franchise in the natural resources industry, which together with its affiliates has managed $13 billion in cumulative committed capital since inception.
Atlantic Energy Holdings
Atlantic Midland Office
Rick Jennings, 432-683-3272
Atlantic Fort Worth Office
Rob Jacobs/Don Gann, 817-731-4080
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