Daily News: January 30, 2013

Ridgemont Equity, Unitex Form New Partnership

Ridgemont Equity Partners announced the formation of a new partnership with Unitex Oil and Gas’ management team and the closing of the partnership’s first acquisition of conventional oil assets in Scurry County, TX.

Unitex was formed to acquire and develop producing properties in the Permian Basin. The financial terms of the Scurry County transaction were not disclosed.

The Midland, TX-based company seeks to create value through optimizing operations and increasing production through workovers and the drillbit. The company will target acquisitions in and around the Midland Basin.

“Ridgemont is delighted to partner with David [Wilson] and his team,” said John Shimp, a partner at Ridgemont. “Unitex brings the right skill set and the attention required to improve the performance of the mature oil fields it hopes to acquire.”

“I am excited to partner with Ridgemont and grow Unitex’s assets with their financial backing,” said Wilson, the CEO of Unitex. “Ridgemont shares management’s vision for the company. I look forward to continuing to leverage their knowledge and support.”

K&L Gates and King & Spalding acted as legal advisors to Ridgemont.

Unitex Oil and Gas is an upstream exploration and production company.

Ridgemont Equity Partners is a private equity firm that specializes in middle-market buyout and growth equity investments