Upstream Portfolio

Black Swan Oil & Gas, LLC is an Oklahoma City-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48.

Double Eagle IV is a Fort Worth-based independent oil and natural gas company focused on development and production throughout the Permian Basin.

Dunamis Energy, LLC is a Denver-based independent oil and gas company focused on the acquisition and development of horizontal resource plays in the Lower 48.

Encino is a Houston-based environmental monitoring, measurement, and technical services and products company focused on evaluating and minimizing greenhouse gas (“GHG”) emissions in the energy industry.

A Denver-based independent oil and gas company focused on acquiring and developing oil and natural gas reserves in domestic onshore basins.

Grayson Mill Energy, LLC is a Houston-based exploration and production company focused on the acquisition and development of oil and gas assets within various U.S. unconventional resource plays.

Grenadier's strategy is to acquire and profitably develop long-lived oil and natural gas reserves by applying cutting-edge technology through the drilling, completion and production phases of its wells.

Novo Oil & Gas, LLC is an Oklahoma City-based exploration and production company focused on the pursuit of proven, liquids-rich unconventional assets within various onshore U.S basins. Novo is led by two former PayRock Energy managers that played an integral role in the company's assembly, development and ultimate sale of its core STACK position to Marathon Oil Corporation. Novo was formed in August 2016.

Paloma IV and Paloma Natural Gas are privately held, Houston-based oil and gas companies focused on the acquisition and development of acreage in the United States. Management’s impressive track record of value creation includes four previous successful EnCap sponsored entities: San Juan Partners, Paloma Barnett, Paloma II, and Paloma III.

Based in Fort Worth, Texas, Pegasus Resources is focused on acquiring mineral and royalty interests in proven oil and gas resource plays, specifically the Permian Basin. Pegasus is led by a team of established leaders with the experience and expertise to source, evaluate, negotiate and close acquisitions providing value to mineral owners, investors, partners and stakeholders.

PennEnergy Resources LLC, headquartered in Pittsburgh, is an independent oil and gas exploration and production company focused on the Marcellus Shale. Formerly serving as the executive management team of Atlas Energy, Inc., the company’s leadership has extensive experience in all facets of the oil and gas industry and has pioneered the development and expansion of the Marcellus Shale.

An Austin-based independent oil and gas company pursuing acquisition opportunities with an initial focus on the Permian Basin.

Piedra III and IV are privately held, Midland, Texas-based oil and gas companies focused in the Permian Basin. Consistent with management's expertise and historical track record, Piedra will pursue the exploration and development of lower-risk resource plays with scalability and upside. The team has a track record of value creation including two successful EnCap-sponsored entities.

Plains All American Pipeline, L.P. is a publicly traded master limited partnership headquartered in Houston that owns and operates midstream energy infrastructure in the United States and Canada and provides logistics services for crude oil, natural gas liquids, natural gas and refined products.

Ridge Runner II is a Houston-based independent oil and gas company focused on the identification, acquisition, and development of oil and gas properties with a primary focus in the Permian Basin.

Sabalo Energy II is an upstream exploration and production company focused on the acquisition and development of large-scale unconventional oil and gas assets. The company's objective is to build, operate and generate significant cash flow from a portfolio of upstream assets located in premier U.S. basins.

Tumbleweed Royalty IV is a Fort Worth-based company focused on mineral, royalty and overriding royalty acquisitions in the Permian Basin.

Verdun Oil Company is a privately held, Houston-based oil and gas company that will pursue the identification, acquisition and development of oil and gas assets in the United States.

X2 Resources is a Houston-based independent oil and gas company focused on the identification, acquisition and development of horizontal resource plays in the Lower 48.