Lime Rock Partners Backs Imaginea with $300M

Lime Rock Partners, a creative private equity investment partner in building differentiated oil and gas businesses, side by side, with entrepreneurs every day, invested the amount of $300 million in Canadian energy startup Imaginea Energy Corp.

In a news release, Calgary-based Imaginea said it has funding commitments from Westport, Conn.-based fund Lime Rock Partners and a group of co-investors.

Lime Rock was one of the main backers of Black Shire, which was founded in 2010 and grew production to about 7,000 barrels of oil equivalent per day mainly from east central Alberta oil assets purchased from Cenovus Energy Inc. and Penn West Petroleum Ltd.

Imaginea is to focus on the acquisition, development, and optimization of conventional oil and gas properties in Western Canada while also seeking to be a leader in sustainable oilfield development.

In the release, chief executive West vowed to make Imaginea “a leader in profitability and sustainability.”

“Suzanne is one of the best entrepreneurs we’ve ever worked with at Lime Rock, measured by commitment, vision, and results. We and our co-investors are thrilled to be partnering again with her and with the entire Imaginea team,” said Townes Pressler, a managing director of Lime Rock Partners.

Source: Calgary Herald

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Lime Rock Partners, Oil and Gas Business, Canada, Energy Startup, Imaginea Energy Corp., Calgary, Westport, Connecticut, Black Shire, Alberta, Cenovus Energy Inc., Penn West Petroleum Ltd., Western Canada, Townes Pressler.


Annapolis Capital Raises C$200M for Its Latest Energy-Focused Fund

Annapolis Capital, a Canada-based private equity firm, has raised the amount of C$200 million for its latest energy-focused fund, according to its CEO announcement.

Annapolis’ fundraising effort comes as companies in Canada’s energy industry, particularly earlier-stage firms, target private-equity as an alternative funding source since the credit-crisis outfall dampened public-market appetite for riskier resource-sector investments.

In 2013, public equity and convertible debenture offerings by Canadian energy companies focused on exploration and production totaled C$6.1 billion, the lowest since 2008, according to Calgary, Alberta-based Peters & Co., an energy-focused investment-banking boutique.

Imaginea Energy Corp. and Huron Resources, two energy startups based Calgary, the financial hub for Canada’s oil and gas sector, recently raised C$300 million and C$100 million, respectively, from separate private-equity firms.

Institutional investors in private equity “see a market in Canada that is vastly undercapitalized,” Annapolis’ Peter Williams said.

Source: Wall Street Journal

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Canada, Canadian Private Equity, Annapolis Capital, Energy Industry, Calgary, Alberta, Peters & Co., Imaginea Energy Corp., Huron Resources, Oil and Gas, Peter Williams.


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