Primary Natural Resources III Formed to Acquire and Exploit Oil and Gas Properties in the Mid-Continent and Permian
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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 Copyright 2009, Market Wire, All rights reserved. -0-