MIDLAND, Texas, Feb. 21, 2017 (GLOBE NEWSWIRE) -- Armed with $200 million in initial equity agreements and a private capital partner managing $8 billion, cofounders J. D. Smith and Josh Lorenz announce the formation of EnCore Permian.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b25e5f11-048d-4e48-9c90-a2d40b429995
The new firm is a successor to Smith and Lorenz’s previous venture, PetroLima LLC which was a leasehold and mineral acquisition company, EnCore instead will move into upstream exploration and production.
The company’s biggest advantage may be their proprietary asset identification software, Mineral Scout™, designed by the company’s Nicholas Tallant.
“Mineral Scout uses big data and sophisticated queries to provide a competitive edge in a crowded leasing environment,” says Lorenz, the firm’s COO. “It’s a difference maker in finding and acquiring quality prospects we might not see otherwise.”
In addition to prospect identification, the software provides streamlined workflows, lease tracking and due diligence processes.
Says Smith, who serves as CEO, “EnCore’s technology puts our guys ahead of the competition and makes us the first to know. I wish I’d had this during the first decade of my career. There’s no telling how many more acres we would have leased.”
In addition to a technological edge, Encore has a stout roster of human capital with seasoned land, legal and technical professionals to acquire and develop the new assets. Current team members boast tenures from Legacy Reserves Operating L.P., ConocoPhillips, Plains Exploration & Production, Lone Star Oil & Gas, and Jefferies & Co investment banking.
Patrick Cohn, the company’s Houston based CFO, likes his chances with EnCore Permian, saying “In the energy finance world I had a unique perspective to see some winners and some losers. EnCore excites me because it has everything you need to win - the right mix of people, technology and access to capital. Our strategy is proven, now it’s time to go execute.”
The initial round of equity will be used to support adding additional staff and securing a foothold for the company’s operated position. “We’ve allocated additional capital for drilling and acreage development once we have a blocked-up position for long laterals,” said Smith.
The company has already purchased operated assets in Martin and Howard counties in the Midland Basin, and in the Delaware Basin in Pecos County.
About EnCore Permian
EnCore Permian is backed by a large private capital firm with over $8 billion in assets. J. D. Smith (Big Spring, Texas) and Josh Lorenz (Midland, Texas) founded EnCore Permian as a successor to PetroLima, LLC. Expanding on the former company’s leasehold and mineral acquisition strategies, the new endeavor has grown into an upstream exploration and production firm.
EnCore Permian acquires leasehold and mineral interests throughout the Midland and Delaware basins as well as the Wolfcamp Shale.