NGP and Wing Resources Announce Formation of Wing Resources VII, LLC
DALLAS–(BUSINESS WIRE)–Wing Resources VII, LLC (“Wing VII”) announced it has raised $100 million in new equity commitments from NGP Royalty Partners II, L.P., which is the most recent NGP private equity fund focused exclusively on the acquisition of mineral and royalty interests.
Wing VII is a Permian Basin focused mineral and royalty acquisition company, and is led by President and CEO Nick Varel, Chief Operating Officer Josh Strange, Chief Financial Officer Jimmy Elskes, Senior Vice President of Engineering Joseph Rogers, Senior Vice President of Land Ryan Sablotny and Vice President of Geoscience Ulysses “Trey” Hargrove, III Ph.D.
“We are excited to continue our partnership with NGP to build a premier mineral and royalty acquisition platform focused on delivering superior risk-adjusted returns to its stakeholders. The Wing VII team believes our mineral and royalty expertise, along with strong equity backing and industry relationships, will enable us to continue creating value in today’s dynamic market environment. The financial commitment and investment experience of NGP, coupled with over 100 years of combined experience of Wing VII’s management team, will allow us to continue our acquisition strategy,” said Varel.
“NGP is excited and thankful to continue our seventh partnership with the Wing team,” said Peter Ray, Principal at NGP. “Nick and the Wing team have built an incredible mineral and royalty franchise with demonstrated results for investors. We believe Wing’s highly talented team coupled with its market vision will continue to position the company for long-term success.”
About Wing Resources
Wing Resources is a Permian Basin focused mineral and royalty acquisition company. Since its founding in 2016, Wing has established a reputation for reliability, expertise, and professionalism, becoming the trusted company for those seeking to sell their mineral and royalty interests in the Midland Basin and Delaware Basin of West Texas and Southern New Mexico.
Wing’s long-term investment strategy allows it to offer large lump-sum payments upfront, regardless of how much income the properties are generating today. Wing is a unique mineral buyer with a long-term investment horizon which allows it to offer mineral owners the best possible price for their assets. Wing Resources is funded by NGP, a leading private equity firm that has set the global standard for energy-focused private investment. Through its unique combination of committed institutional financing and deep industry knowledge, Wing has the capability to offer sellers the best possible deal.
For more information visit www.wingoilandgas.com.
NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With $20 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future.
For more information, visit www.ngpenergy.com.
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