“Carrier and Panther Energy form joint venture”
Riverstone Holdings LLC-backed Carrier Energy Partners LLC and Kayne Anderson-backed Panther Energy Co. II LLC announced Tuesday, Aug. 19, they inked a joint venture agreement to develop 15,000 acres in Culberson, Reeves, and Pecos Counties in West Texas. Monetary terms weren’t disclosed. Houston-based Carrier will have the right to participate in 49% of Panther’s working interest in wells it drills, which is set to begin next month. Carrier CEO Mark Clemans said its non-operated business strategy depends on the strength and expertise of its partner operators. Last fall Riverstone committed $300 million to Carrier while Kayne Anderson put $205 million into Panther. Evercore Partners’ Shaun Finnie, Lance Dardis, Doug Rogers, Santiago Garavito and Matt Veazey advised Carrier, which received legal counsel from Thompson & Knight LLP’s Richard Hemingway. J. Ryan Sacra at Conner & Winters LLP represented Tulsa, Okla.-based Panther.