HOUSTON, TX--(Marketwired - Apr 16, 2013) - Quantum Energy Partners ("Quantum"), a leading energy private equity firm, is pleased to announce the formation of Jagged Peak Energy LLC ("Jagged Peak" or the "Company") with the former executive leadership team of Ute Energy LLC led by industry veteran Joe Jaggers ("Jaggers").
Jagged Peak will engage in the acquisition, development, and exploration of oil and gas assets, primarily focusing on resource plays in select North American basins. Quantum and members of the management team have collectively made capital commitments in excess of $400 million to the Company.
The Jagged Peak team will be led by Jaggers as Chairman, Chief Executive Officer and President. Joining the executive management team alongside Jaggers will be Chief Operating Officer Greg Hinds and Chief Financial Officer Laurie Bales.
Quantum and Jaggers previously partnered together in building Ute Energy, LLC into one of the more successful resource play companies focused in the Uintah Basin. Ute Energy was sold last year for in excess of $1 billion. Jaggers and the management team successfully executed a lease, acquire and drill strategy, growing production at sale announcement to over 7,800 net boepd and undeveloped acreage to over 156,800 net acres.
Wil VanLoh, President and CEO of Quantum, commented, "We are excited to be partnering once again with Joe, Greg, and Laurie. They comprise the nucleus of an exceptional team of oil and gas professionals that have a proven track record of delivering superior returns in unconventional resource plays. They possess best in class execution capabilities and will be well positioned to capture producing property and acreage acquisitions and then build value through development drilling."
Jaggers remarked on the closing, "We look forward to Jagged Peak building upon our prior success at Ute Energy. We see a great opportunity in the market today to capture resource-rich opportunities and accelerate the conversion into proved reserves and cash flow. We are also excited to continue our partnership with Quantum, whose strong financial sponsorship and energy industry expertise provides a great compliment to our team."
About Jagged Peak Energy, LLC
Based in Denver, Colorado, Jagged Peak will focus on liquids resource opportunities onshore. The organization has proven skills in capital allocation, efficient operations and acquisition execution.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates, more than $6.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.