NGP Closes $65M Investment In Midland Basin Developer

Law360, New York (August 12, 2013, 3:38 PM EDT) -- Energy private equity firm Natural Gas Partners has closed a $65 million preferred equity investment in Texas-based Parsley Energy LLC, one of the most active operators in Texas' Midland Basin, Parsley announced Monday.

The equity investment will go toward Parsley's operations in the Midland Basin, where the energy company has nine active rigs producing more than 17,000 barrels of oil equivalent per day. Parsley's senior management, led by CEO Bryan Sheffield, will retain control of a majority of the company's equity.

"We believe that this equity...
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