Offshore staff
(US, GoM) - Carlyle/Riverstone is forming a new company with an initial investment of $250 million to target exploration and acquisition prospects on the Gulf Coast and Gulf of Mexico Shelf regions.
The new venture, Phoenix Exploration Co., formed with initial funding by Carlyle/Riverstone Global Energy and Power Funds, is lead by a team of five exploration and production executives who were formerly associated with Gryphon Exploration Co. Funds for the investment will come from Carlyle/Riverstone Global Energy and Power III, LP, a $3.8 billion fund.
The principals of Phoenix each most recently served in senior positions at Gryphon, which was formed in late 2000 and subsequently acquired in August 2005 by Woodside Energy for approximately $310 million.
The company's executive team includes William Flores, CEO; Stephen Heitzman, COO; John Parker, senior VP of exploration; Timothy Duncan, senior VP of business development; and Keith Westmoreland, senior VP of operations.
04/21/06
