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Houston, Texas—October 1, 2013—Quantum Energy Partners (“Quantum”) is pleased to announce the formation of Tanos Energy II (“Tanos II” or the “Company”) with upstream industry veteran Mark Brandon and his executive management team.
Tanos II will remain headquartered in Tyler, TX and will engage in the acquisition and development of oil and gas assets, with a specific focus on opportunities with horizontal development potential in the Ark-La-Tex region. Quantum and members of the management team have collectively made capital commitments in excess of $200 million to the Company.
The Tanos II team will be led by Mark Brandon as Chief Executive Officer and President. The executive team of the Company will include Nick Pollard (VP – Exploration), Joe Freeman (VP – Business Development), Brian Durman (VP – Land) and Geoff Doke (CFO). Tanos I, which was originally formed in 2007 by this management team, pursued a similar business plan and was successfully sold earlier this year.
Brandon commented, “Upon our exit with Tanos I, the management team pursued the private equity market looking for a partner with similar strategies as ours with transparency towards the end result, and we believe we have found that in Quantum. From our first meeting we had the sense that the people at Quantum understood the challenges and rewards of the Ark-La-Tex region and are excited about our future relationship. Within a short time of partnering with Quantum, we have already seen the benefit of their long standing relationships in the industry.”
"We are excited to begin this partnership with the Tanos II management team," said Dheeraj Verma, Managing Director of Quantum. "We believe that the current environment will provide multiple opportunities for this execution-oriented management team to invest capital and create value in their focus area. Their track record and expertise in cost-effective horizontal drilling and development will serve them well."
About Tanos Energy II, LLC
Based in Tyler, Texas, Tanos II is led by a team of seasoned industry professionals, many with nearly 30 years of experience in the oil and gas industry.
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates, more than $6.5 billion in equity commitments since inception. For more information on Quantum, please visit WWW.QUANTUMEP.COM. For investor relations, please contact Michael Dalton at (713) 452-2000.
By Jacque Hilburn-Simmons
Tyler Morning Telegraph Staff Writer
Two East Texas businesses are stepping up to support Tyler's efforts to explore the benefits of fueling vehicles with compressed natural gas. The city is launching a pilot program to see whether the fuel source can be a viable alternative to gasoline and diesel, starting with the purchase of five trucks for conversion to natural gas.
EOG Resources stepped in with $25,000 to sponsor two vehicles; Tanos Exploration, LLC, is supporting a third with a $15,000 gift. In exchange for their support, each business is to be advertised in a customized wrap that includes the sponsor's logo. "This program to start moving the city's fleet to alternative fuel is an example of how innovation can save money and preserve the environment," Mayor Barbara Bass said. "CNG vehicles are environmentally friendly and cause less wear on vehicles engines."
Tyler City Council members, who approved vehicle purchases last month, received an update Wednesday on the progress. "This gives us $40,000 to help fund our pilot program," Russ Jackson, Vehicle Services Director, said. If all goes as planned, the city will add vehicles as part of its regular budget cycle.
Efforts to seek out alternative energy sources are part of the Industry Growth Initiative, which seeks to attract business and enhance economic development. Natural gas is expected to be a major player in the city's efforts due largely to the close proximity in the Barnett and Haynesville shales to Tyler. Experts predict the Haynesville Shale contains enough natural gas to fuel the country for the next 100 years.
"The energy sector has been an important part of Tyler's economic prosperity in the past and will continue to be critical to our future," Mayor Bass said. "Demonstrating our commitment to the use of CNG is just one way we can promote this local industry that has the potential to be a regional economic driver."
Councilman Mark Whatley praised the companies' willingness to help out. "Not only are you creating jobs, but you are getting CNG off the ground," Whatley said. "I'm really excited about it."
To learn more about sponsorship opportunities, call Solid Waste Director Dan Brotton at 903-531-1388.
In other council actions taken Wednesday, the council agreed to contract with Less Construction to build six single-family homes along the new Hunter's Court. Neighborhood Services Director Brenda Johnson said affordable housing makes it easier for families with modest incomes to make ends meet. "The (affordable homes) are beneficial to the city," District 2 Councilman Donald Sanders said. "It takes properties no longer on tax rolls and puts them back on the tax rolls. We have happy families."