Wellspring Energy Resources announces equity commitment from NGP
DALLAS–(BUSINESS WIRE)–Wellspring Energy Resources, LLC (“Wellspring”) is pleased to announce it has received an equity commitment from certain funds managed by NGP Energy Capital Management, LLC (“NGP”) to pursue non-operated oil & gas working interests, oil & gas development financings, structured transactions, and other special situations in North America.
“We believe Kenny and his team possess the right mix of operational experience, business development capabilities and investment acumen to execute on this strategy.”
Wellspring is led by CEO Kenny Worrell, Executive Vice President of Land & Business Development Dale Smith, and Executive Vice President of Engineering Ryan Rickett.
Wellspring’s executive team brings extensive experience, having previously founded multiple private companies investing in both operated and non-operated properties, with land and business development experience and technical expertise across major basins in North America.
“We are excited to partner with NGP to build a portfolio of assets and investments that generate attractive risk-adjusted returns in the oil and gas sector. The Wellspring team believes our collective experience will position us for success in targeting a traditionally under-served segment of the broader oil and gas ecosystem. Having worked with the NGP principals previously, we know them to be thoughtful partners who will add greatly to Wellspring’s success,” said Worrell.
“NGP is excited to partner with the Wellspring team,” said Brian Seline, Partner at NGP. “We believe Kenny and his team possess the right mix of operational experience, business development capabilities and investment acumen to execute on this strategy.”
Wellspring focuses on partnering with energy companies and owners to provide flexible capital solutions through the acquisition of non-operated interests, development financing, and structured transactions. for more information, visit www.wellspring-energy.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 over $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
CEO – Wellspring Energy Resources, LLC
Telephone: (214) 326-0222