Percussion Petroleum II Secures Investment from Carnelian Energy Capital
Houston-based private E&P company Percussion Petroleum II LLC has secured an equity commitment from Carnelian Energy Capital III LP, an investment fund managed by Carnelian Energy Capital Management LP. The company plans to pursue an acquisition and development strategy in select onshore basins in North America.
Percussion Petroleum II’s predecessor company, Percussion Petroleum LLC, was also in partnership with Carnelian, and assembled an acreage position in the Northwest Shelf of the Permian Basin in New Mexico, as well as associated water and midstream assets, all of which were sold to Spur Energy Partners LLC in mid-2019.
Carnelian Energy Capital is an energy investment firm based in Houston, with approximately US$1.8 billion of cumulative equity commitments. The firm is focused on lower-to-middle market equity investments in North America, primarily in the upstream sector.