Houston-based Percussion II will pursue an acquisition and development strategy in select onshore oil and gas basins in North America.
Willkie represented John Campbell III and Brian Zwart, the management team of Percussion Petroleum, in connection with the formation of Percussion Petroleum II, LLC and a line of equity commitment from Carnelian Energy Capital III, L.P., an investment fund managed by Carnelian Energy Capital Management, L.P. Percussion II is based in Houston, Texas and will pursue an acquisition and development strategy in select onshore oil and gas basins in North America.
The Percussion management team employed a similar strategy at its predecessor company, Percussion Petroleum, LLC, which was also in partnership with Carnelian. Percussion I assembled an acreage position in the Northwest Shelf of the Permian Basin in New Mexico and sold all of its assets to Spur Energy Partners, LLC in mid-2019.
Carnelian is an energy investment firm based in Houston, Texas with over $1 billion of cumulative equity investments. Carnelian focuses on lower-to-middle market equity investments in the United States upstream, midstream and oilfield services sectors.
The transaction was led by partner Michael Piazza and associate Will Thanheiser. Partner Robert Jacobson and associate Yaniv Maman provided tax advice.