Plantation Petroleum Company

 

Portfolio

Investment: 
2003, 2005, 2007, 2011

Headquartered in Houston, Plantation Petroleum Company is an upstream oil and gas company focused on opportunities in the Permian Basin.

  • Plantation I: In July 2002, EnCap invested growth capital to facilitate Plantation’s acquisition of a publicly held company focused in the Permian Basin. The Plantation management team implemented a successful development plan and sold to Forest Oil Corporation (NYSE: FST) in December 2003.
  • Plantation II: Subsequent to the sale of Plantation I to Forest Oil, management again partnered with EnCap to form Plantation II in November 2003. Using a combination of bank debt and equity, Plantation II closed a highly attractive acquisition in Southeast New Mexico and created additional value by increasing production at a minimal cost. In June 2005, Plantation II sold to Range Resources Corporation (NYSE: RRC) for $116.5 million.
  • Plantation III: In December 2005, management partnered with EnCap for the third time in Plantation III. Again management successfully closed an attractive acquisition in the Permian Basin and successfully implemented a drilling and production enhancement program. In July 2007, Plantation III entered into a definitive agreement to sell its assets to EV Energy Partners, L.P. (Nasdaq: EVEP) for $160 million.
  • Plantation IV: Formed in August 2007, Plantation IV acquired producing Permian Basin properties and used its expertise to realize value through (i) operational economies of scale, (ii) recompletions in existing wells, (iii) secondary recovery efforts and (iv) horizontal drilling.  The properties were sold to Merit Energy in November 2011 for $326.3 million.  

EnCap currently is partnered with the Plantation management team in Plantation V, formed in January 2012.