Exploration & Production | Capital Markets | Private Equity Activity

Elevation Resources Receives $400 Million LOE

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Elevation Resources LLC (“Elevation”) today announced it has obtained a $400 million line of equity financing from an investor group led by Pine Brook, a New York-based investment firm focused on building businesses in the energy and financial services sectors.

Elevation was recently formed by Steven H. Pruett, president and CEO; Gary Dupriest, EVP and chief operating officer; Gary Causey, vice president-exploration and Tim Reece, vice president-land. Elevation will focus its acquisition, leasing, exploration and development activities on the Permian Basin, with a particular emphasis on horizontal drilling opportunities in the Delaware and Midland basins. The company has opened an office in downtown Midland at Centennial Plaza. The management team has hired former colleagues of Dupriest, Causey and Reece, and is continuing to build its technical and administrative staff.

Steve Pruett commented, “I am fortunate to have partners of the caliber of Gary Dupriest, Gary Causey and Tim Reece. Coupling their operating expertise with the financial wherewithal and strategic guidance of Pine Brook makes for a strong foundation from which to launch a Permian-focused oil and gas resource development company.”

Gary Dupriest added, “My colleagues and I are pleased to join Steve and the team at Pine Brook to create and grow a substantial player in the Permian Basin.”

Craig Jarchow, a managing director on Pine Brook’s energy investment team, stated, “Pine Brook is pleased to partner with Elevation. This is the right team pursuing the right opportunity at the right time. We have known Steve Pruett for years, so we know first-hand the strong commercial and leadership skills he brings to this opportunity.