Newly Formed Company AVAD Energy Closes on Equity Commitments
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VAD Energy Partners II, a newly formed oil and natural gas production company, closed on equity commitments from investment funds managed by Pearl Energy Investments and NGP Energy Capital Management (NGP). AVAD II will pursue an acquire and exploit strategy focused on creating value through operational excellence with an agnostic view to commodity type or basin.
AVAD II was co-founded by John Davis, chief executive officer and Tom Quigley, senior vice president of Reservoir Engineering. John and Tom have worked together for more than 30 years at Exxon Company, Netherland, Sewell & Associates, Alpine Gas Company, and most recently AVAD I. Joining John and Tom as co-founders are Michael Krehel, vice president of operations, and Steven Mickey, vice president of Business Development. After spending six years at Southwestern Energy, Michael joined AVAD I shortly after its inception and has been instrumental in the operational success of the company. Steven joins AVAD II after working in several different areas of the oil and gas industry with Goldman Sachs, Denham Capital Management, and a large private equity backed E&P focused on the Eagle Ford.
“I am thrilled and humbled to join this team to continue to build upon their track record of profitable oil and gas investing. I believe we are uniquely positioned to execute our strategy due to John, Tom, and Michael’s experience successfully evaluating, operating, and monetizing a wide variety of asset types across the United States including conventional, unconventional, secondary recovery, coal-bed methane, and shallow offshore,” said Steven Mickey, vice president of Business Development.
“Our team has the rare combination of accurate underwriting and operational experience with a successful track record of realizing excellent returns for our capital providers, even in downward commodity price cycles, resulting in our strong capital partnerships over the past 17 years via Alpine and AVAD I. We look forward to capitalizing on the current market environment and continuing to deliver superior risk-adjusted returns to our investors,” said John Davis, AVAD II was co-founder.
“Pearl is excited to partner again with this team given their strong historical track record, technical expertise, and industry relationships. Our new equity commitment reflects the confidence we have in them,” said Billy Quinn, managing partner and co-founder of Pearl.
“We are pleased to partner again with management and Pearl, and we believe that AVAD II is well poised to thrive in this environment,” said Craig Glick, Partner at NGP.
About AVAD II
AVAD II is a Dallas-based upstream oil and gas company focused on acquiring and optimizing oil and gas properties across the United States.
To stop by AVAD’s website, CLICK HERE
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