SOURCE: Luxe Energy LLC

Luxe Energy LLC

January 04, 2018 08:00 ET

Luxe Announces Successful Upsize Equity Commitment

AUSTIN, TX--(Marketwired - January 04, 2018) - Luxe Energy LLC ("Luxe Energy") and Luxe Minerals LLC ("Luxe Minerals") (collectively, "Luxe") are pleased to announce the successful closing of an upsize in total combined available capital commitments to $820 million. The new commitment upsize from co-investors, combined with the existing commitment from NGP through NGP Natural Resources XI, L.P. and the Luxe management team, represents the largest dry equity commitment in the history of NGP.

Luxe Energy's strategy is to acquire unconventional properties in oil and liquids rich basins throughout the United States and to apply innovative technologies to drive operational excellence. Luxe Minerals' strategy is to acquire mineral and royalty interests in oil and liquids-rich basins throughout the United States and to leverage the technical expertise and large-scale data analytics of the Luxe Energy management team.

The Austin, Texas based Luxe Energy most recently divested its Delaware Basin assets to a subsidiary of Diamondback Energy, Inc. for $560 million in only eighteen months from formation.

Co-founders A. Lance Langford and Jeff Larson have worked together for over 26 years at Burlington Resources and more recently as executives at Statoil. Prior to joining Statoil, Lance and Jeff served as executives for Brigham Exploration ("Brigham") and drove Brigham's success in the Bakken. Lance and Jeff continued to manage Brigham's significant growth in the play through the merger with Statoil in 2011 until leaving to form Luxe in 2015.

A. Lance Langford, Chief Executive Officer of Luxe commented, "We are excited by the continued vote of confidence received from NGP and the shared vision for Luxe Energy's and Luxe Minerals' paths to success. This upsize equity raise will further empower Luxe to capitalize on the exceptional opportunities found in today's market for unconventional resources."

"NGP is pleased to provide additional capital to the Luxe management team," Tony Weber, Managing Partner of NGP, said. "Their strong pipeline of actionable opportunities continues to impress and warrant additional capital investment. We have an extremely high degree of confidence in the technical and operational skillset of this team and their ability to execute on building two great businesses."

For more information about Luxe, please visit

About NGP

Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $17 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors.

For more information about NGP, please visit

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