Grenadier Energy III, LLC announced the closing of an initial $350 million equity commitment in June 2021 from EnCap Investments L.P., a Houston-based provider of growth capital to the independent sector of the U.S. energy industry.
Upstream
Grenadier, led by CEO Patrick J. Noyes, is an upstream exploration and production company focused on acquiring, developing and exploiting assets to create significant enterprise value and return that value to its stakeholders.
Grenadier has successfully employed this strategy through multiple iterations, most recently with Grenadier Energy Partners II, LLC, which sold assets in the Midland Basin to Surge Energy US Holdings Company for $420 million USD in March 2021. The divested assets included more than 18,000 net acres and ~9,000 Boepd from a successful horizontal development program in the Wolfcamp and Spraberry formations.
"The Grenadier team has a proven track record of acquiring high quality assets and developing them effectively to build attractive businesses of scale," stated Patrick Noyes, CEO of Grenadier,
"We are excited to again partner with EnCap as we embark on this next adventure together and continue the success this company has shown over the past 14 years, said Noyes. I am extremely confident in the ability of our staff to utilize our experience and leverage new technology to capture the next profitable venture as we navigate the energy transition."
"We are excited to continue our longstanding partnership with Pat Noyes and Grenadier," said EnCap Managing Partner Doug Swanson, "This newest equity commitment is a testament to our confidence in the entire Grenadier team and their strategy."
Additionally, Grenadier announced the promotion of Kyle Noyes to president and chief operating officer, Lenny Lilja to chief financial officer and Thomas Belsha to chief technical officer – Business Development & Engineering.
Vinson & Elkins LLP served as legal counsel to EnCap and Akin Gump Strauss Hauer & Feld LLP to Grenadier on the formation of the new company.
