Vortus Announces New Partnership with Stateline Operating
Private equity firm Vortus Investment Advisors LLC has entered into a partnership with Stateline Operating LLC to develop certain Northern Delaware basin oil-rich assets located in Eddy County, New Mexico. Stateline, a newly-formed operating and development joint venture between Vortus and E&P company Flat Creek Resources LLC, will be managed by Flat Creek Resources.
Texas-based Vortus has an asset-based investment strategy and provides development capital in partnership with operators based in the North American onshore upstream industry. The company targets privately negotiated transactions in the lower to middle market, requiring equity capital of US$50 to 75 million.
Backed by EnCap Investments LP, Flat Creek Resources is engaged in the acquisition, exploration, and development of unconventional shale play properties across the United States.
Kirkland & Ellis LLP acted as legal counsel to Vortus, while Shearman & Sterling LLP acted as legal counsel to Stateline Operating.