Willkie advised Houston Energy in the transaction.
Houston Energy, a privately-held independent oil and gas company in the Deepwater Gulf of Mexico, and Quantum Energy Partners, a provider of private equity capital to the global energy industry, announced the formation of HEQ Deepwater with more than $400 million of equity capital commitments from Quantum and management.
HEQ Deepwater will be led by CEO Ron Neal, a veteran of the Deepwater Gulf of Mexico, and supported by the Houston Energy senior leadership team. The company will look to leverage the strengths and experiences of Houston Energy and Quantum to build a diverse portfolio of development stage upstream and infrastructure assets in the Deepwater Gulf of Mexico. When evaluating potential opportunities, HEQ Deepwater will look to partner with operators who have a shared commitment to responsibly sourced hydrocarbons including ESG leadership and environmental stewardship.
Houston Energy has a 30+ year track record of value creation, boasting an ~80% commercial success rate and the discovery of more than 900 MMboe of audited 2P reserves from internally generated Deepwater Gulf of Mexico exploration prospects. In addition, the Houston Energy team has been a participant in multiple facility scale development projects, such as the Delta House and Kings Quay complexes.
Founded in 1998, Quantum Energy Partners is a global provider of private equity capital to the responsibly-sourced energy and energy transition & decarbonization sectors, having managed more than $18 billion in equity commitments.
The transaction was handled by partner Michael De Voe Piazza and associates Lynn Abell and Chris Truman.