Limestone Exploration

 

Portfolio

Investment: 
2010

Limestone Exploration is a Midland, Texas-based independent oil and gas company focused on acquiring and developing acreage in the Spraberry and Wolfcamp (Wolfberry) trend.  Limestone was formed by a multidisciplinary management team with extensive experience in the Permian Basin and strong connections in the Midland area.

At the time of EnCap’s initial commitment to Limestone in April 2008, the company had identified and obtained an option on 7,500 contiguous net acres in Martin County, Texas, that were highly prospective for the Spraberry and Wolfcamp formations. The management team believed that the Wolfberry model of combining several discrete stratigraphic reservoirs in the Permian Basin and stimulating them with modern technology would result in economically viable wells. Limestone drilled a total of 19 successful wells, generating 28.2 MMBoe of proved reserves and ~1,000 boe/d of net production by September 2010. In October 2010, Limestone closed the sale of its assets to an undisclosed buyer.

EnCap is currently partnered with the Limestone management team in Carrera Energy, which was formed in October 2010.