TPG Capital ("TPG"), a leading global private investment firm, said today it has partnered with Dan Allen Hughes Jr. and Thomas M. Hart III to form a new venture, Maverick American Natural Gas ("Maverick"), with an initial commitment of up to $1 billion of equity capital to acquire and operate conventional natural gas producing properties in North America. Hughes will serve as Chairman and Hart will serve as President.
Michael MacDougall, partner at TPG Capital said, "We believe that natural gas will play an important and growing role in satisfying our country's energy needs over the next decade and beyond. Dan Allen and Tom are proven leaders with deep industry knowledge and operating acumen, and we look forward to leveraging their expertise to build a compelling platform."
"Trends in the energy sector have created an opportunity to build a natural gas-focused company through acquisitions," said Hughes. "TPG's deep capital resources and expertise in building great companies make it an ideal partner for this effort."
"Maverick is already seeing opportunities to acquire and operate core properties that fit our strategy as other companies divest them to raise capital," said Hart. "This is unquestionably a challenging period for many gas producers, but Maverick is focused on the long-term opportunity for natural gas."
"With the backing of TPG, Maverick will focus on acquiring and operating long life, conventional natural gas fields. We look forward to building a significant enterprise around this critical natural resource," said Christopher Ortega, principal at TPG Capital.
In addition to his role at Maverick, Hughes is CEO & President of Dan A. Hughes Company, LP and Hupecol Operating Company, LLC. Hughes has been active in the E&P industry for more than 30 years. During that time he has presided over the exploration, development and operation of conventional and unconventional oil and gas fields domestically and internationally. Hughes is a member of the Texas A&M University College of Geosciences Advisory Council, the Sul Ross State University Borderlands Research Institute Advisory Board, the Texas Parks and Wildlife Commission and the All American Wildcatters.
Hart has been engaged in energy transactional work for almost 20 years. Before co-founding Maverick, Hart was a senior corporate development officer for El Paso Corporation for 10 years, most recently as SVP Business Development for El Paso Exploration & Production Company. At El Paso E&P, he led acquisitions of over 1 Tcfe of reserves in numerous transactions totaling over $2.5 billion, and divestitures in excess of $1 billion. He was previously a member of Andrews & Kurth LLP's corporate and securities group. He has served on the Boards of Four Star Oil & Gas Co., the US Oil & Gas Assn. and the Houston Museum of Natural Science.
Maverick is headquartered in San Antonio, Texas. For more information, please go to www.maverickgas.com.
TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with more than $48 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG's investments in the energy sector have included Alinta Energy, Beta Renewables, Belden & Blake Corporation, Copano Energy, Delta Dunia, Denbury Resources, Energy Future Holdings (formerly TXU Corp.), Greenko, Hong Kong Energy, MI Energy, Northern Tier Energy, Petro Harvester Oil & Gas, Texas Genco and Valerus Compression Services. Please visit www.tpg.com.
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