May 28, 2014
Dallas and Minneapolis – Titanium Exploration Partners, LLC (TEP) and Castlelake, L.P., a global institutional alternative investment firm, today announced the formation of a joint venture to pursue investments in non-operated oil and gas assets in unconventional resource plays in the United States. The joint venture will make investments via acquisitions from sellers of non-operated working interests, strategic partnerships with operators and organic leasing. The joint venture will initially focus on the Eagle Ford Shale and may expand to other opportunities over time. "This joint venture combines the expertise of Titanium Exploration Partners with the resources of Castlelake and the capital they manage," said Chip Simmons, CEO of Titanium. "Having a strong capital partner like Castlelake will allow us to expedite the investment and acquisition process for the benefit of our operating partners, sellers of non-operated working interests and landowners."
TEP will act as asset manager in the joint venture, responsible for sourcing opportunities, negotiating and structuring the investments, and managing acquired assets. Through its funds, Castlelake will provide capital together with its expertise in the energy industry. The firm will also guide sourcing, as well as provide strategic and economic direction for the joint venture.
"The joint venture brings together Titanium's specialized expertise and our unique approach to investing in illiquid assets where long-term capital is of significant value," said Luke Beltnick, Managing Director of Castlelake. "As development in the Eagle Ford Shale grows, so too does the need for capital to facilitate these transactions, and Castlelake is in a unique position to meet the needs of all parties involved."
Castlelake has invested more than $600 million in the energy industry. Formed in 2005, the global institutional alternative investment firm has $3.6 billion in assets under management and focuses on deep value, asset rich opportunities across capital structures, industries, and geographies.
About Titanium Exploration Partners
Titanium Exploration Partners is a Dallas-based investment firm focused on the acquisition and development of non-operated oil and gas assets in leading unconventional resource plays across the United States. Titanium is building a diverse portfolio of assets through partnerships with established operators, acquisitions of non-operated working interests and royalty interests and leasing. Titanium is currently focused on the Eagle Ford Shale, while also considering investments in other top unconventional resource plays, including the Bakken, Marcellus, Utica and Niobrara formations, and the Permian Basin. Titanium was founded by Chip Simmons, CEO; Peter Halloran, Managing Director; and Brennan Potts, Managing Director.
About Castlelake, L.P.
Castlelake, L.P. is a global institutional alternative investment firm focused on deep value, asset rich opportunities. Castlelake today has $3.6 billion of assets under management. Castlelake has more than 60 professionals based in its Minneapolis, Minnesota and London offices. For more information please visit www.castlelake.com or contact Castlelake at (612) 851-3150.