Quintana Capital Group Announces Formation of Prize Petroleum, LLC
HOUSTON,TEXAS (January 31, 2008) – Quintana Capital Group, L.P. today announced that Quintana Energy Partners, L.P. and its affiliated partnerships (collectively, "Quintana"), along side D-O-R Engineering, Inc. (“D-O-R”) have completed the formation of Prize Petroleum, LLC ("Prize" or the "Company"). The assets of Prize will consist of lease rights to three fields: the Neches Field in East Texas, the Homer Field in North Louisiana, and the Rich Field in Michigan.
The assets are over 90% oil and are characterized by stable, mature, and shallow decline production profiles. The producing reserves have a reserve life of over 20 years. Prize will look to grow production by a combination of well reactivations, lift enhancements, and drilling. Additionally, QEP and Prize actively will pursue acquisitions of properties that complement the assets.
Brock Morris, Managing Director of QEP, commented, “With this acquisition as an anchor, Prize will pursue additional acquisitions of long-lived oil and gas reserves in mature fields. We believe that this type of asset is an excellent investment in today’s strong, yet volatile commodity price environment. They are often found in mature fields containing numerous reservoirs, in which we believe significant untapped opportunities still remain.”
The management team of D-O-R, led by President Michael F. McKenzie, will manage the properties. Mr. McKenzie and his staff are excited about launching this new company. “In addition to having a relationship with Quintana that dates back over 30 years, we have extensive experience with and knowledge of fields of this type. We look forward to the challenge of building a new company to further develop and extract additional value from these assets as well as those from future acquisitions.”
About Quintana Capital Group
Based in Houston, Texas, Quintana Capital Group is the general partner of a $650 million private equity fund focused on control-oriented investments across the oil and gas and coal and power industries. Formed in 2006, QCG is managed by highly experienced energy industry investors, including Corbin J. Robertson, Jr. and his family, and former Secretary of Commerce Donald Evans.
About D-O-R Engineering, Inc.
Based in Lafayette, Louisiana, D-O-R has provided drilling, operations, and reservoir engineering to the oil industry for more than 35 years. D-O-R is comprised of registered petroleum engineers, geo scientists, and trained office personnel with extensive industry experience. D-O-R offers a wide variety of services, including the initial evaluation of a prospect, its drilling and completion, and the management of the property through its productive life.
Contact for Prize Petroleum LLC: Mike McKenzie President 337-233-2378
Contact for Quintana Capital Group, L.P.: Loren Soetenga Chief Operating Officer 713-751-7527
