Private equity firms Ridgemont Equity Partners and Post Oak Energy Capital have made a $100 million commitment to Titan River Energy LLC, a newly formed energy and gas company.
Titan, headquartered in Fort Worth, Texas, focuses on drilling and developing oil-prone shale plays in Texas. The company plans to develop the properties through joint ventures, leasing opportunities and other methods.
Charlotte, N.C.-based Ridgemont focuses on investments of $25 million to $75 million in the services, energy, health care and telecommunications industry.
Post Oak is a Houston-based firm that makes investments primarily in the upstream oil and gas sector in North America.
Deals have been flowing from the energy sector. In March, CB&I (NYSE: CBI) agreed to buy Phillips 66's (NYSE: PSX) gas technology business, Spectra Energy (NYSE: SE) completed a pipeline acquisition and Rosetta Resources Inc.'s (Nasdaq: ROSE) purchase of oil and gas properties in west Texas.