HOUSTON, May 16, 2016 /PRNewswire/ —
Fortuna Resources Holdings, LLC (“Fortuna”) announced that certain affiliates of Och-Ziff Capital Management Group LLC (NYSE: OZM) (“Och-Ziff”) have committed $75 million to Fortuna, with an option to increase to $150 million. The investment is focused on expanding Fortuna’s activities in the West Texas Permian Basin and related areas through acreage and asset acquisitions and subsequent development.
Fortuna has substantial experience working in the Permian Basin, with a demonstrated history of acquiring and exploiting multiple oil and gas assets in the Delaware Basin and Central Basin Platform. Aaron Davis, Fortuna’s CEO, is a petroleum engineer most recently with Occidental Petroleum Corporation where he oversaw multiple Permian Basin drilling and leasing programs.
“Fortuna is positioned for growth with the backing of an outstanding financial partner like Och-Ziff,” said Aaron Davis. “Och-Ziff has the financial insight and resources, investment experience and operational knowledge to help us leverage the tremendous opportunity set that exists in today’s market.”
“We believe there are compelling opportunities in select regions of the Permian Basin for middle market situations given the favorable competitive environment, existing infrastructure and strong well economics that will support future development,” said Mark Bisso, Managing Director at Och-Ziff. “We are very pleased to partner with Fortuna, which has extensive regional experience, strong technical expertise, and proven capabilities.”
Och-Ziff has been investing in private energy since 2005, and has invested more than $1.5 billion in North American private energy investments. Based in New York and Houston, Och-Ziff’s dedicated 11-person energy team focuses on middle market investments in the oil & gas upstream, midstream and energy services sectors.