GSO Capital Partners LP (GSO), the credit platform of Blackstone, has announced the formation of Sequel Energy Group , a private, Denver based oil and gas company.
Sequel will target structured or credit investments in non-operated oil and gas working interests in proven resource plays throughout North America, with an initial capital commitment in excess of $500 million from funds managed by GSO and the founding members of Sequel.
Sequel will benefit from a large and flexible capital commitment, combined with the technical expertise of its management team, to become a partner of choice for high quality operators seeking capital to support the development of their oil and gas assets. Comprised of industry veterans Doug York, Jeff Hemphill and Dave Kornder, the Sequel management team has over 75 years of combined experience in the exploration, development, and operation of oil and gas fields across nearly every major producing basin in the United States.
Commenting on the newly formed company, Doug York, one of the three founding members of Sequel stated:
“We could not be more delighted to form a partnership with GSO. Their organization brings a wealth of experience and relationships in the energy sector. With the strong financial support of GSO combined with the challenging commodity price environment and the vast amounts of unconventional shale acreage assembled by industry operators in recent years, we believe there will be significant opportunities to deploy meaningful capital in non-operated drilling joint ventures. We look forward to working with GSO and its energy team in successfully executing our business plan.”
Michael Zawadzki, Senior Managing Director of GSO said:
“We are excited to partner with the Sequel team on this new platform, which combines a best in class management team with a scale, customized capital solution that will be uniquely positioned to meet the financing needs of oil and gas operators in the current market environment. We look forward to working with Doug, Jeff, and Dave to implement this strategy in the years ahead.”