Ursa Resources Group II said it closed on a $200 million equity commitment from private equity firm Denham Capital and will use the money to acquire conventional oil and gas properties and to develop other fields.
The Houston-based oil and gas company made the announcement after its predecessor, Ursa Resources Group LLC, sold assets in the Williston Basin, home to the oil-rich Bakken Shale formation in North Dakota and other nearby states.
The first Ursa firm was also backed by Denham Capital, which has $4 billion in invested and committed capital in projects around the globe.
“The Ursa team is excited to once again be partnering with Denham Capital to unlock the potential of America’s oil and gas resources,” Matthew Steele, CEO of Ursa II, said in a statement. “With Ursa II we plan to build on the success of our first partnership.”