Carnelian has agreed to make a capital commitment to the independent oil and natural gas company.
On January 25, Willkie client Carnelian Energy Capital LP agreed to make a capital commitment, through a newly formed subsidiary, to Percussion Petroleum LLC, alongside a commitment from a private equity management team led by John Campbell III.
The management team was engaged by Percussion to identify and execute acquisition opportunities in the upstream oil and gas industry in the continental United States.
Percussion is an independent oil and natural gas company based in Houston, Texas. Carnelian is a Houston-based private equity firm focusing on lower- and middle-market energy investments in the North American upstream, midstream and oilfield services sectors.
The deal was handled by partners Michael De Voe Piazza and Hillel Jacobson, and associate Clay Brett.