Ares Management Backs $165M Texas Oil And Gas Venture

Law360 (June 19, 2019, 5:57 PM EDT) -- Global asset management company Ares Management Corporation is backing a $165 million drilling and development project in the shale-rich Permian Basin in Texas, the company said Wednesday.

Funds managed by Ares affiliates will support a joint venture between oil and gas company Development Capital Resources LLC and a private operator in the basin, Ares and DCR said. With Ares’ backing, DCR said a subsidiary would invest up to $165 million in the project.

DCR will hold an equity interest in the project but won’t control day-to-day operations, according to the announcement.

“This transaction represents a continuation of our strategy of participating...

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