Houston firm raises $150mn for Permian drilling
Houston-based investment firm Andros Capital Partners said August 25 that it closed on a deal that allocates funding for drilling in parts of the Permian basin in Texas.
Andros said it closed on an agreement with Midland-Petro DC Partners (MPDC). Andros Permian, an affiliate of the Houston-based investment firm, will fund $150mn to drilling in the Spraberry and Wolfcamp formations within the Permian basin in Midland County, Texas, as part of the arrangement.
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The US Geological Survey (USGS) estimates the Wolfcamp basin holds 20bn barrels of oil and 16 trillion ft3 of gas as technically recoverable mean resources.
For Spraberry, the USGS estimates the mean resources at 4.2bn barrels of oil and 3.1 trillion ft3 of gas.