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Permian explorer Venado said to seek up to $1 bn in sale


AUSTIN, Texas (Bloomberg) -- Venado Oil & Gas LLC, a Texas energy company backed by Riverstone Holdings LLC and EnCap Investments LP, is seeking a buyer, people familiar with the matter said.

The closely-held company is working with Jefferies Group LLC to find buyers and may fetch between $800 million and $1 bn in a sale, said the people, who asked not to be identified because the matter is not public.

The buyout firms are bringing Austin-based Venado to market as energy companies seek to bulk up in Texas’ oil-rich Eagle Ford and Permian basins. Encana Corp., QEP Resources Inc., and Devon Energy Corp. have announced acquisitions in those regions in the last six months.

Venado, founded in 2011, explores for oil and gas in the Permian and along the Gulf Coast, according to its website. It is also on track to producing the equivalent of 5,000 bopd in the Eagle Ford by mid-summer, it said in April.

EnCap and Riverstone have invested at least $275 million in Venado, according to a press release last year.

Spokesmen for Riverstone, EnCap, and Jefferies declined to comment. Venado CEO Scott Garrick did not return a call seeking comment.



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