“Teal Natural Resources Secures $125 Million Initial Commitment from Pearl Energy Investments and Natural Gas Partners”
Teal Natural Resources, LLC (“Teal”), a newly formed oil and natural gas exploration company, today announced a total commitment of $125 million from private investment firms Pearl Energy Investments (“Pearl”) through Pearl Energy Investments, L.P., and Natural Gas Partners (“NGP”) through NGP Natural Resources XI, L.P., the most recent NGP private equity fund focused on natural resources. Each firm made an initial commitment of $62.5 million. Launched in March 2016 and headquartered in Dallas, Teal will use the capital to pursue and develop primarily unconventional resource play opportunities in Texas, initially focusing on the Eagle Ford Shale in South Texas.
Teal was advised by Winstead PC. Pearl Energy Investments and Natural Gas Partners were advised by Thompson & Knight LLP.