Private equity firms Pine Brook and Riverstone Holdings agreed to invest as much as $600 million in a newly created oil and natural gas explorer in Texas’s energy-rich Permian Basin.
The firms will give Midland, Texas-based Admiral Permian Resources LLC a line of equity to purchase leaseholds and bankroll joint ventures and other deals in west Texas and southeastern New Mexico, Pine Brook co-President Rich Aube said in a phone interview.
