US Phoenix Exploration formed by Carlyle Grp & Riverstone oil/gas

[NVMojo]

21/04/2006. Source: AltAssets.

Carlyle/Riverstone Global Energy and Power Funds back a new oil and gas firm with its focus on exploration in the Gulf Coast and Gulf of Mexico shelf region.
With an initial commitment of $250m from Carlyle/Riverstone Global Energy and Power Funds, a team of exploration and production executives has announced the formation of a new firm operating in the area of oil and gas exploration and property acquisitions in the Gulf Coast and Gulf of Mexico regions.

Headquartered in Houston, Texas, the new firm will be led by a team of five energy industry veterans who have been associated with Gryphon Exploration Company. Funds for the investment will be drawn from Carlyle/Riverstone Global Energy and Power III, LP, a $3.8bn fund.

David M Leuschen, a co-founder at Riverstone, said, 'Bill Flores and his management team have extensive and distinguished careers in the oil and gas industry. Their track record is well established, as evidenced by their prior success at Gryphon, and they have a common vision of how to build value in today's competitive environment. We are excited to pursue opportunities in a geographic area where the Phoenix management has had considerable success.'

Daniel A D'Aniello, co-founder of The Carlyle Group, commented, 'Carlyle/Riverstone funds achieve premium returns through innovative and thoughtful investing. We have great confidence that Phoenix will sustain and bolster this track record.'

more...

http://www.altassets.com/news/arc/2006/nz8491.php

[Ian David]

1. Another reason for a national boycott of Dunkin Donuts. n/t