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Bakken E&P Scores $300 Millions From Private Equity Firm
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Kraken Resources, a PE-backed E&P said it closed on a new, three-year credit facility. The Company’s credit facility had a $530 million borrowing base.
Kraken also received an additional equity commitment from its financial sponsor, Kayne Anderson. The upsized commitment results in $525 million of total equity commitments, with over $100 million of available and undrawn equity capital. As you might remember, back in 2016 the company scored $200 million from Kayne Anderson.
Kraken is headquartered in Houston, Texas and is led by co-founders Bruce Larsen and Brad Suddarth. Kraken’s predecessor entities have been operating in the Williston Basin since 2012, demonstrating a proven track record of operational success and a highly competitive cost structure.
Kraken’s operating footprint…
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