Exploration & Production | Finance & Investing | Capital Markets | Private Equity Activity
Parallel Invests in TX Shale Gas Player Texas American
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Parallel Resource Partners LLC has invested in Texas American Partners LLC, a new upstream oil and gas company. Founded in 2012, Texas American was created from the reorganization of TARH E&P Holdings L.P. and the acquisition of Texas American Resources Company. Both entities were founded by industry veteran David Honeycutt and are based in Austin, TX.
Parallel's equity commitment of $140 million will enable Texas American's management team to further capture the value of existing drilling inventory, as well as expand the Company's current footprint in in South Texas and the Texas Panhandle. Texas American's current properties include over 50,000 acres of mineral interests in the San Miguel, Austin Chalk, Eagle Ford and Buda formations in Dimmit, LaSalle, Zavala and Frio Counties in South…
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