Quantum Energy Partners Announces a Partnership With Patrick Manuel and
Management Team Through a Majority Investment in Carmel Bay
HOUSTON, TX -- (Marketwired) -- 04/30/13 -- Quantum Energy Partners
("Quantum"), a leading energy private equity firm, is pleased to
announce a majority investment in Carmel Bay Exploration Ltd.
("Carmel Bay" or the "Company") with Canadian E&P veteran Patrick
Manuel ("Patrick" or "Manuel").
Carmel Bay is a Calgary-based upstream exploration and development
company focused on acquiring and developing assets in the Western
Canadian Sedimentary Basin. The Company was founded in late 2011 and
has concentrated its efforts to date in the Montney resource play
where it has technical expertise. It will also leverage off of its
prior experience across other select WCSB plays to opportunistically
acquire and exploit other core assets. Quantum, members of the
management team and the Company's board of directors have
collectively made initial investments and/or future capital
commitments in excess of $225 million to the Company.
The Carmel Bay team is led by Manuel as President and Chief Executive
Officer. Manuel and his senior management team have had a consistent
track record of creating value at several prior E&P companies. Most
recently, Manuel was President and CEO of Monterey Exploration, a
highly successful Montney focused operator. Prior to Monterey
Exploration, Manuel was part of the senior management teams at
Crispin Energy and Rio Alto Exploration, both of which resulted in
successful exits to Canadian public entities.
Carmel Bay board members include industry leaders Murray Nunns (CEO,
Penn West Petroleum Ltd.), John Brussa (senior partner, Burnet,
Duckworth & Palmer, LLP), Brett Herman (CEO, TORC Oil and Gas LTD),
and Don Copeland (oilfield service entrepreneur) as well as Managing
Directors Garry Tanner and Dheeraj Verma from Quantum who
collectively bring decades of energy investment experience to support
Carmel Bay management.
Manuel remarked on the closing, "We spent significant time evaluating
our financial options for growth capital and came to the conclusion
that in the current volatile market, private equity capital, and more
specifically Quantum, offered substantial and dependable capital
which would allow us to take advantage of evolving market
opportunities and grow our business relatively quickly with
significant flexibility. We anticipate that with the Company's slate
of current projects, significant deal flow, and our new capital
partner, Carmel Bay is positioned extremely well to build a
meaningful and successful E&P company."
"We are excited to be in partnership with such an accomplished and
focused upstream operating team. The Company has already assembled a
significant initial acreage position in the Montney and is
aggressively pursuing a variety of other opportunities which we
believe over time will deliver superior returns to our investors,"
said Garry Tanner, Managing Director of Quantum Energy Partners. "We
were also impressed with the high caliber board members Patrick had
pulled together, all of which have continued on with the Company post
our capital infusion, and believe their involvement will be extremely
value-added in guiding the growth and success of Carmel Bay."
About Carmel Bay Exploration, Ltd.
Based in Calgary Alberta, Carmel
Bay is led by a team of seasoned industry professionals, many with
over 20 years in upstream engineering, geology, operations,
marketing, and business development with a track record of success
working in the WCSB.
About Quantum Energy Partners
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.
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