Kraken Resources II has received an equity commitment more than $400m from funds managed by Kayne Anderson Capital Advisors, including Kayne Anderson Energy Fund VIII, and Kayne Private Energy Income Fund II along with Kraken II’s management team.
Headquartered in Houston, Texas, Kraken II is a private oil and gas company formed to pursue large, oil-weighted acquisitions with an initial focus in the Williston Basin. The company will target assets that have a significant existing production component and a multi-year inventory of development locations the Kraken II team can exploit.
Bruce Larsen, President and CEO, and CFO Brad Suddarth currently lead Kraken Resources I, an existing portfolio company of certain funds managed by Kayne Anderson. Kraken I’s operating footprint consists of over 130,000 net acres across North Dakota and Montana, with over 20,000 net boe/d of production.
Larsen commented, “We are excited to again partner with Kayne Anderson in search of acquisitions. Kraken I has drilled over 200 wells since 2017 and currently operates approximately 350 wells in the Williston Basin. We have built an organization of talented, driven people who will ultimately help Kraken II succeed in acquiring and developing a new asset base. We look forward to continuing to utilize our advantageous cost structure to drive meaningful improvements to operating margins and deliver superior investment returns.”
Mark Teshoian, managing partner at Kayne Anderson, said, “Over the course of our nine-year partnership, the Kraken II management team has demonstrated the ability to successfully manage a large-scale asset base across a number of commodity price cycles. We are excited to both continue our existing commitment to Kraken I and also to partner with this accomplished team once again.”
Kraken Resources II is a Houston-based, private energy company focused on the acquisition and development of onshore oil and gas assets throughout the Lower 48.
For more information visit: www.krakenoil.com