Greenlake Energy has announced the formation of its newest E&P acquisition platform, Greenlake Energy II, LLC, backed by over $200 million in equity commitments from funds managed by NGP Energy Capital Management, LLC and Greenlake’s management team.
Greenlake II is led by current President and CEO, Matt Gallagher, who previously served as the CEO of Parsley Energy until its sale to Pioneer Natural Resources in 2021. The new capital commitment enables Greenlake to continue its operational and commercial momentum generated at Greenlake Energy I where the management team has successfully drilled over 60 horizontal wells in the Delaware Basin. The Greenlake team prides itself on being at the forefront of technical innovation in the industry, which has been recently demonstrated by completing three U-shaped horizontal wells.
Chris Carter, Managing Partner of NGP, shared, “We are very excited to continue our partnership with the Greenlake team that dates back 14 years to our initial investment in Parsley Energy. Matt and the entire Greenlake team have an extensive network in the industry which provides differentiated deal flow and a unique track record of operational excellence with more than 750 horizontal wells drilled in the Permian Basin.”
Gallagher commented, “Greenlake has built a strong investment alongside the NGP team, and we are excited to carry that momentum forward with Greenlake Energy II. Backed by a world-class technical and field team, we are positioned to execute a disciplined, multi-basin growth strategy. Our modern operator mindset gives Greenlake a distinct advantage in today’s energy landscape. I am proud of the recent technical success of our ops team and vendor partners, completing three U-Shaped horizontal wells — two of which with a single-run bottom hole assembly.”
