HOUSTON–(BUSINESS WIRE)–Torrent Oil & Gas LLC (“Torrent Oil” or the “Company”) today announced that it has secured a private equity financing commitment and partnership with Natural Gas Partners (“NGP”) through NGP Natural Resources XI, L.P., the most recent NGP private equity fund focused on natural resources and management.
Founded in 2015, Torrent Oil focuses on acquiring and redeveloping oil and gas assets within the Gulf Coast, East Texas and Ark-La-Tex Basins. The Houston, Texas based company is led by Hilcorp Energy Company veterans Greg Wachel and Henri deLaunay. The two have a combined 30 years of experience in the acquisition and management of oil and gas fields.
As CEO and President of Torrent Oil, Wachel is a former Chief Reservoir Engineer and Asset Team Leader of Hilcorp. Torrent Oil Executive Vice President deLaunay most recently worked in Hilcorp’s Land and Business Development groups.
“With the partnership of NGP, we are positioned to execute on an exciting business strategy – identifying and acquiring a select group of assets that are undercapitalized and full of potential,” says Wachel. “In our view, this market presents unique opportunities to find and generate great value from underutilized assets.”
“We see great promise in this emerging company and its outlook for discovering new opportunities in the market,” said David Hayes, Managing Director of NGP. “Torrent’s business approach, entrepreneurial vision and corporate philosophy tie in perfectly with our investment goals in the natural resources industry.”
About Torrent Oil & Gas LLC
Torrent Oil is an independent oil and natural gas company based in Houston, Texas. Our work is centered on our strategy to reinvigorate assets with new technologies, new people and an entrepreneurial spirit. We are committed to being responsible in our efforts in producing oil and gas. This includes the safety of not only our employees, but also the people and environment that surround us. The Company aims to create value through the acquisition and exploitation of challenging, mature, legacy properties. Visit Torrent Oil at www.torrentoil.com.
Founded in 1988, Natural Gas Partners (“NGP”) is a family of private equity investment funds, with approximately $17 billion of cumulative equity commitments, organized to make investments in the natural resources sector. NGP is part of the investment platform of NGP Energy Capital Management, a premier investment franchise in the natural resources industry. In addition to NGP, NGP Energy Capital Management’s investment platform includes NGP Global Agribusiness Partners and NGP Energy Technology Partners. Visit NGP at www.naturalgaspartners.com.