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Fort Worth, Texas – December 11, 2017 – Pegasus Resources, LLC (Pegasus), a mineral and royalty company, announced today that it has received a $300 million equity commitment from EnCap Investments L.P. (EnCap). Led by a team of veteran energy executives, Fort Worth-based Pegasus will focus on acquiring and managing mineral and royalty properties located in the core of established and rapidly emerging resource plays, primarily the Permian Basin.

The Pegasus management team has approximately 150 years of combined experience and has worked together successfully in various ventures for over a decade. Pegasus is led by Chief Executive Officer (CEO) George M. Young Jr., who has spent more than 35 years in the energy industry, most recently as CEO of Silverback Exploration, LLC and President of Collins and Young, LLC. Pegasus President and Chief Operating Officer Will O. Rodgers most recently served as Vice President of Collins and Young and Vice President of Wolf Exploration, LLC. Chief Financial Officer Lynn Frank most recently served as Director of Finance for Black Stone Minerals, LP (NYSE: BSM).

Pegasus Vice President of Land Don H. Collins has served as Vice President of Land for Collins and Young for 12 years. Vice President of Operations Cass H. Rodgers worked as Manager of Operations for Collins and Young for more than 5 years. Additionally, energy industry veteran Ted Collins Jr. will serve Pegasus as a non-executive advisor. Comprehensive management bios can be found here. To enhance the quality and volume of opportunities to purchase mineral and royalty properties, Pegasus has partnered with Tilden Capital, LLC. Tilden has a long track record of successfully sourcing and closing mineral and royalty acquisitions across various basins.

“Our team has spent years working together and has a proven track record of successful collaboration and value creation,” said George M. Young Jr., Pegasus’ Chief Executive Officer. “Our plan is to leverage our extensive network of energy industry relationships, coupled with EnCap’s financial strength and expertise, to assemble an attractive portfolio of high-return properties during an advantageous point in the price cycle. We have already seen a significant amount of deal flow and look forward to continuing to source, negotiate and close mineral acquisitions.”

“We have worked with members of the Pegasus team for many years,” said David Miller, Co-founder and Managing Partner of EnCap. “They have a proven track record of value creation in the oil and gas business, and we look forward to continuing our successful partnership with them.”

The Fort Worth office of Kelly Hart & Hallman, LLP acted as legal advisors to Pegasus. Thompson & Knight, LLP served as legal counsel to EnCap.

About Pegasus Resources, LLC

Pegasus Resources is a mineral and royalty company based in Fort Worth, Texas, focused primarily on the acquisition and management of properties in the Permian Basin. Pegasus is financially backed by a $300 million equity commitment from EnCap Investments L.P. For more information on Pegasus, please visit www.pegasusresources.com.

About EnCap Investments L.P.

Since 1988, EnCap Investments has been the leading provider of venture capital to the independent sector of the U.S. oil and gas industry. The firm has raised 20 institutional oil and gas investment funds totaling approximately $34 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit www.encapinvestments.com.