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.
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.