Laredo Energy gets $130 million for drilling

From Laura Goldberg, Houston Chronicle:

Laredo Energy has landed $130 million in private equity funding to cover its Texas drilling efforts, the Houston company said Wednesday.

The money is coming from Avista Capital Partners and Liberty Energy Holdings, which is managed by Old Ironsides Energy, LLC.

Laredo Energy has drilled more than 200 natural gas wells in South Texas since its formation in 2001. It plans to add an oil drilling program focused on the Eaglebine play in East Central Texas as it continues to drill for gas in South Texas.

Its South Texas operations are focused in Webb County, where it has drilled 86 successful horizontal wells in the county’s stacked pay zones, including 27 in the Eagle Ford Shale, 43 in the Escondido formation, 13 in the Olmos, two in the Austin Chalk and one in the San Miguel formation. Its Eaglebine program will focus on Brazos, Burleson and Robertson counties.

“Our goal is to take 13 years of success in multistacked gas reservoirs in South Texas and put that experience and knowledge to work in the Eaglebine oil play, where we have a 30,000-acre position that has similar multiple stacked pay attributes,” Laredo Energy President and CEO Glenn Hart said in a written statement.