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Laramie Energy has equity commitments of over $300 million from management, EnCap Investments LLP, Avista Capital Partners, and DLJ Merchant Banking Partners ("DLJMB").
Since 1988, EnCap has been the leading provider of private equity to the independent sector of the U.S. oil & gas industry, closing over $6.0 billion of principal investments and corporate finance transactions. The firm has established 12 oil and gas investment funds with aggregate capital commitments of approximately $4.0 billion and currently manages capital on behalf of over 100 prestigious U.S. and European institutions.
EnCap professionals represent more than 250 years of experience in the energy finance and investment business and have established a reputation as an innovative, "value-added" source of private capital to the independent sector. EnCap effectively works in partnership with management teams by providing capital markets expertise, strategic direction and enhanced acquisition and exit options.
EnCap has a proven track record having successfully invested with over 140 companies. Throughout its 19 year history, EnCap has moved with the market to meet the changing capital needs of its clients. The combination of abundant capital resources, unparalleled experience and broad flexibility in structuring transactions uniquely positions EnCap to assist significantly in the value creation process.
For more information, please visit www.encapinvestments.com.
Avista Capital Partners ("Avista") was formed in 2005 by experienced private equity professionals with a long history of working together at DLJ Merchant Banking Partners. Avista's team of proven investment professionals is augmented by veteran industry executives with expertise in the Energy, Healthcare and Media sectors. In doing so, Avista seeks to add value to its portfolio companies through active oversight and to bring firm resources (financial, industry and strategic) to bear to augment management's efforts.
Avista expects to make controlling or influential minority investments, primarily in U.S.-based companies, in connection with various transaction structures, including leveraged buyouts, build-ups and growth financings. Avista targets new investments primarily in the three sectors in which its professionals have substantial expertise: Energy, Healthcare and Media. Avista closed its inaugural fund in June 2007 with $2.0 billion of capital commitments. Avista's energy team, based in Houston, is led by a former industry executive who founded and led a number of energy businesses. This energy investment team has invested over $2.1 billion in equity at Avista and DLJ Merchant Banking and was a co-founder of Laramie Energy I, LLC and Laramie Energy II, LLC.
For further information, please see www.avistacap.com.
DLJMB serves as the cornerstone of the Alternative Investments business in Asset Management at Credit Suisse. Credit Suisse is a leading global investment banking and asset management firm, providing comprehensive securities underwriting, sales and trading, investment banking, private equity, financial advisory, investment research and asset management services to institutional, corporate, government and high-net-worth clients.
Credit Suisse's Alternative Investments business is one of the industry's leading alternative asset managers, with approximately $144 billion in assets under management (as of 06/30/07), including (i) USD $30 billion in private equity assets, and (ii) approximately USD $114 billion of other alternative assets through its capital markets business.
DLJMB has been a lead investor in more than a dozen energy companies since 1999. In addition to Laramie Energy, LLC and Laramie Energy II, LLC, recent investments in Rockies based upstream oil and gas portfolio companies include Denver-based Medicine Bow Energy Corporation and Enduring Resources LLC and Sheridan, Wyoming-based Pinnacle Gas Resources, Inc.
For more information, please visit www.credit-suisse.com.
The Company has continued its banking relationships with the same leading energy banks that financed Laramie I:
- JP Morgan Chase Bank, N.A.
- BNP Paribas
- Wells Fargo Bank, N.A.
In June 2007, Laramie Energy and its bank group closed on a $300 million revolving credit facility, with periodic borrowing base redeterminations, for general company working capital and operational funding needs.
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