Contact Information: Contact: Jack W. Schanck or Bill Dirks (281) 668-8066
Tecton Energy, LLC and SouthView Energy LP Announce Merger
| Source: Tecton Energy, LLC
HOUSTON, TX--(Marketwire - June 19, 2007) - Tecton Energy, LLC and SouthView Energy LP are
pleased to announce the merger of the companies effective June 15, 2007.
The combined entity will operate as Tecton Energy, LLC, with corporate
offices in Houston, Texas and Calgary, Alberta. Jack Schanck, previously
CEO of SouthView, and Bill Dirks, previously CEO of Tecton, will be the
Managing Partners of the Company and share responsibility for day-to-day
leadership.
Following the merger, Tecton controls more than 350,000 acres of producing,
development and exploratory property throughout the U.S. and western
Canada. The Company will continue to focus on its large-scale
unconventional resource plays. Additionally, it will generate exploration
and development projects on existing holdings, develop new plays and pursue
strategic acquisitions.
In announcing the merger, Schanck and Dirks said, "We are delighted to be
working together again. The combination of assets, talent and experience
from these two companies, coupled with the financial backing of Quantum
Energy Partners and Jefferies Capital Partners, creates a powerful growth
vehicle in the North American E&P sector."
Northshore Petroleum LLC, headed by Mark Andreason, President, will
continue to operate independently as an affiliate of Tecton.
Affiliates of Quantum Energy Partners of Houston and Jefferies Capital
Partners of New York, along with the management team and employees of
Tecton, have committed equity funding totaling $132 million.
According to Quantum Managing Partner Wil VanLoh, "The merger provides
Tecton with a superior competitive advantage in the development and
exploration of North American resource plays. The collective skill set and
demonstrated expertise of the Tecton and SouthView teams greatly enhance
the company's ability to create value via organic growth through
development and low-risk exploratory drilling across multiple core areas.
We are very pleased to be partnered with the new Tecton Energy, LLC."
Commenting on the combination, Stuart B. Katz, Managing Director at
Jefferies Capital Partners, said, "We are fortunate that Jack Schanck and
Bill Dirks, both respected leaders in the U.S. petroleum industry, will
head the combined company. They bring a deep understanding of the upstream
business and the proven technical, executive and financial skills developed
during their successful careers with Unocal, Shell, and Samson Resources
Company, respectively."
For more information on the Company and its activities, please visit
Tecton's web site at www.tectonenergy.com or contact Jack W. Schanck or
Bill Dirks at (281) 668-8066.
Quantum Energy Partners is a private equity firm specializing in the energy
industry with more than $3.2 billion of capital under management. For more
information on Quantum, please visit www.quantumep.com or contact Wil
VanLoh, Alan Smith or David Bole at (713) 225-4800.
Jefferies Capital Partners is a private equity management firm with over $1
billion under management and associated with Jefferies & Company, Inc., a
full-service investment bank and institutional securities firm focused on
growing and mid-sized companies and their investors.