Live Oak Resource Partners (“Live Oak”) announced recent capital increases in Live Oak Resource Partners I, LP (“Fund I” or the “Partnership”) and new offices. Based in Houston, Live Oak focuses on the aggregation of royalty and mineral acquisitions.
Live Oak announced total Fund I capital commitments at the final closing of $11.28 million. Including the effect of the final closing, approximately 80% of the capital has been called.
“The commitment increases reflect the exercise of over 95% of the options held by our anchor investors. We are pleased our partners recognize the value that has been created and the opportunities at hand. Importantly, Fund I has given us an opportunity to execute on a material amount of capital, highlighting both the effectiveness and scalability of our strategies. We are sincerely appreciative for the continued support of our partners.” said Andrew Keene, Co-Founder and President and Chief Financial Officer.
Commenting further, Mr. Keene said: “Fund I will remain focused on its original strategy of methodically aggregating premier natural gas properties. Since Fund I began in January 2016, we have been of the belief that natural gas fundamentals are becoming increasingly favorable. Over a year later, we continue to believe investing in natural gas offers deep value and future upside for our investors; we are now seeing signs that the market agrees.”
Brandon Meyers, Co-Founder, and Vice President of Land and Business Development commented: “Deal flow has been really strong and we recently added some significant acquisitions to the portfolio. From the launch of this fund until now, we have seen natural gas prices nearly double, increasing the value of our producing assets in addition to spurning increased drilling on our non-producing assets. Overall, our opportunity set has only gotten better over time.”
Additionally, Live Oak is announcing its new location at 4900 Woodway. Live Oak expects the office to open by June 2017, following construction. Mr. Keene said: “Moving into the Galleria area is another growth step for Live Oak. The new office will provide a platform to expand the team in connection with future growth, and is centrally located to downtown, the energy corridor and many of our partners.”
Prior to launching Fund I, management worked in banking and the energy industry. Mr. Keene previously spent over 8 years in corporate and investment banking for Natixis and Citibank, most recently at Natixis, focused on non-investment grade exploration and production companies. Mr. Meyers worked over 8 years as a landman with Goodrich Petroleum, Marathon Oil, and Texakoma Operating and was involved with leasing, joint ventures, acquisitions and divestitures in numerous basins and plays.
Willkie, Farr, & Gallagher LLP serves as legal advisor counsel to the Partnership. Transcontinental Fund Administration, Ltd. serves as Fund Administrator for the Partnership.
About Live Oak Resource Partners
For more information visit www.liveoakrp.com