First Reserve, a Stamford-based private equity investment firm focused on the energy industry, is selling the assets of Texas American Resources I LLC to an affiliate of Venado Oil & Gas LLC. Terms of the transaction were not disclosed.
First Reserve originally invested in Texas American in December 2016 to help further its oil development endeavors in the Eagle Ford Shale in South Texas. At the time of that investment, Texas American had acquired an initial leasehold position in the black oil window of the Eagle Ford trend in Atascosa County, Texas, covering 12,000 acres. Texas American later completed four add-on acquisitions, totaling more than 23,000 net acres as of the end of 2017.
Michael France and Brooks Shughart, managing directors of First Reserve, issued a statement that they were pleased that Texas American’s accomplishments over the past one-and-half years were “recognized through the sale of these assets and to have generated value for our investors and the company.”