Garrison Energy, a US-based oil and gas exploration and production company, has announced the launch of its operations.
Concurrently, the company said it has received a $500m equity investment from an unknown institutional investor, its management team and employees.
The Midland, Texas-based company aims to expand operations by acquiring assets in the Permian Basin.
Garrison Energy said it is looking to explore opportunities in the Delaware Basin, Central Basin Platform, Midland Basin and Northwest Shelf.
The newly launched company is vying to buy oil and gas assets with a ‘significant” inventory of horizontal locations, vertical locations or recompletion opportunities, it added.
Garrison Energy was established and is led by executive chairman Steve Weatherl and his son Caleb Weatherl, who is the CEO.
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They were involved in developing Stronghold Energy II and sold its assets to Ring Energy in August last year for around $465m.
Steve Weatherl said: “Our team has built our careers on our understanding and familiarity with the Permian Basin, which continues to prove to be the most prolific oil and natural gas-producing region in the United States.
“There is an abundance of opportunity in the region, and we are already evaluating deals ranging from as small as a section with high-quality inventory, to as large as upwards of $1bn, given our investor’s ability to add additional equity capital for the right opportunity.”