Primary Natural Resources III Formed to Acquire and Exploit Oil and Gas Properties in the Mid-Continent and Permian

Thu Jan 8, 2009 9:00am EST

* Reuters is not responsible for the content in this press release.

  TULSA, OK, Jan 08 (MARKET WIRE) -- 
G.R. "Rich" Talley, Mark Sheehan and Jack Fritts announced today that
they have formed Primary Natural Resources III, LLC to acquire and
exploit oil and gas properties in the Mid-Continent, Oklahoma/Texas
Panhandle and Permian Basin, areas in which the Company's management team
has extensive operating experience. Primary III is an investment
portfolio company of Quantum Energy Partners ("Quantum") with initial
equity commitments from Quantum Energy Partners IV and the management
team in excess of $100 million. The option for additional equity
infusions and syndicated bank debt in addition to the equity commitments
will enable Primary III to target and expeditiously close investment
opportunities.

    Primary III will focus on acquiring conventional oil and natural gas
properties which contain existing production with upside re-completion
potential and development drilling opportunities or potential for
utilizing enhanced recovery methods with an enterprise value ranging from
$25 million to $250 million.

    "Our new company is built upon the success of Primary I and II," said Rich
Talley, President and CEO of Primary III. "With the advantages of having
Quantum as our partner and our expanded management team, we are expecting
even greater success than we achieved with the previous companies."

    Wil VanLoh, President and CEO of Quantum, commented, "We are excited about
the formation of Primary III, and the prospect of working together to
assemble and develop a portfolio of high-quality properties. Led by Rich
Talley, Primary III has an accomplished management team with extensive
knowledge and experience in its core areas. We are confident in their
ability to execute and look forward to a long and successful
relationship."

    Prior to forming the Company, Talley founded and successfully sold Primary
I and II. Sheehan was President of Vintage Oil Argentina before becoming
Vice President of Engineering at Primary II. Fritts was Operations
Manager of the Greater Prudhoe Bay Field for BP Alaska before coming to
Primary II to serve as Vice President of Operations. Both Sheehan and
Fritts have extensive experience in water flood and CO2 recovery
operations in the Permian Basin.

    Primary III's office is located at 7134 S. Yale, Suite 430, Tulsa,
Oklahoma 74136. For more information on Primary III, please contact G. R.
"Rich" Talley at (918) 495-2976.

    Founded in 1998, Quantum is an investment firm specializing in the energy
industry with over $5.2 billion in capital under management. Quantum
primarily targets investments in the oil and gas upstream, midstream, and
power sectors, as well as a much broader range of opportunities across the
entire energy industry. To learn more about partnering with Quantum Energy
Partners, please contact either David Bole or Alan Smith at (713) 225-4800
or visit Quantum's website at www.quantumep.com.

    

Primary III Contact:
Rich Talley
918-495-2976
Email Contact

Quantum Media Contact:
Beverly Jernigan
713-494-1733
Email Contact

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