Sentinel Peak Resources News

Sentinel Peak Resources Announces Closing of the Acquisition of Freeport-McMoRan’s Onshore California Assets

January 3, 2017 – Denver, CO – Sentinel Peak Resources (“SPR” or the “Company”), a private energy company, announced that it has closed the acquisition of the onshore California assets of the oil and gas subsidiary of Freeport-McMoRan Inc. (NYSE: FCX) under the previously announced purchase and sale agreement.

The properties are operated by Sentinel Peak Resources California LLC and currently produce approximately 28,000 barrels of oil equivalent per day. With this acquisition, SPR has become the fourth largest onshore oil producer in the State of California.

SPR was formed in 2016 by Quantum Energy Partners (“Quantum”) and Michael Duginski, a seasoned California oil and gas executive.  Duginski is joined by George Ciotti, as CFO, Tim Crawford, as COO, and George Paspalof, VP Operations LA Basin.  The Company has grown to over 250 employees by building an operating team of top California industry technical and commercial talent, including experienced former FCX California employees.

Duginski said, “This transaction provides the foundation to build a world-class, California-focused oil and gas company, and we look forwarding to working with the various stakeholders in California in a safe, reliable and environmentally sensitive manner.  Through our team’s due diligence, we have identified a number of development projects across the asset base that are attractive in the current price environment, and plan to begin investing in those projects in 2017. The Company plans to pursue additional asset acquisitions as well as certain real estate monetizations.  We appreciate Quantum’s experience, relationships and backing in helping us secure this deal.”

About Sentinel Peak Resources

Sentinel Peak Resources is a Denver-based company, with offices now in both Bakersfield and Los Angeles, California.  SPR is focused on the acquisition, development, and exploration of oil and gas assets, primarily focusing on oil development in California.  SPR is led by a team of seasoned industry professionals who have spent a majority of their careers in California.

About Quantum Energy Partners

Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $11 billion in equity commitments since inception.  For more information on Quantum, please visit www.quantumep.com.  For investor relations, please contact Michael Dalton at (713) 452-2000.

 

Sentinel Peak Resources Announces the Acquisition of Freeport-McMoRan’s Onshore California Assets for $742 Million

October 14, 2016 – Denver, CO – Sentinel Peak Resources (“SPR” or the “Company”), a private energy company, announced today that is has entered into an agreement with the oil and gas subsidiary of Freeport-McMoRan Inc. (NYSE: FCX), to purchase their onshore California assets for $592 million plus additional consideration of up to $150 million payable in certain circumstances based on a sustained crude oil price environment over $70/barrel Brent.

SPR was formed in 2016 by Quantum Energy Partners (“Quantum”) and Michael Duginski (”Duginski”), a seasoned oil and gas executive who was previously COO of Berry Petroleum (“Berry”).  At Berry, Duginski helped the Company grow from a $300 million enterprise to a top operator in California and a $4.9 billion enterprise when sold in 2013.  Duginski will be joined by George Ciotti, CFO and Tim Crawford, COO, who both worked with Duginski at Berry and George Paspalof, VP Operations LA Basin, an experienced California operator.  Together this group will be hiring from existing Freeport-McMoRan staff and complementing them with other top operating, technical and commercial talent in their corporate office in Denver and new offices in California.

The properties are currently producing 28,000 barrels of oil per day (“Bopd”) including 18,000 Bopd in the San Joaquin Basin and 10,000 Bopd in the LA Basin and Coastal properties.  SPR has identified a number of economic development projects across the asset base that are attractive in the current price environment.  The Company plans to pursue these oil and gas development projects, certain real estate monetizations, and further asset acquisitions in building a world class California-focused oil and gas company.

Duginski said, “This transaction provides the catalyst to build a world class team that can work with the various stakeholders in California in a safe, reliable and environmentally sensitive way as we develop and grow the business.  Quantum was instrumental in helping us secure this deal and we couldn’t have done it without their experience, relationships, and strong partnership.”

Garry Tanner and Bill Montgomery, Partners at Quantum, said “We couldn’t be more pleased to be in business with such a high quality and experienced group led by Michael Duginski.  Duginski and his team have a strong track record of technical, operational, and commercial excellence which will drive significant value creation.  We expect this will be the first of many acquisitions as we grow our California focused business together.”

About Sentinel Peak Resources

Sentinel Peak Resources is a Denver-based company, with plans to open offices in both Los Angeles and Bakersfield.  SPR is focused on acquisition, development, and exploration of oil and gas assets, primarily focusing on heavy oil development in California.  SPR is led by a team of seasoned industry professionals who have spent a majority of their careers in California.

About Quantum Energy Partners

Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $11 billion in equity commitments since inception.  For more information on Quantum, please visit www.quantumep.com.  For investor relations, please contact Michael Dalton at (713) 452-2000.

 

Source: Sentinel Peak Resources

Contact:  George Ciotti, 720-749-1100

Sentinel Peak Resources Appoints Executive Vice President and Chief Operating Officer

Denver, CO – October 13, 2016 – Sentinel Peak Resources is pleased to announce the addition of Tim Crawford, Executive Vice President and Chief Operating Officer.  Most recently, Mr. Crawford has served as Vice President of Linn Energy’s California operations. Mr. Crawford brings 34 years of diverse experience in the oil and gas industry, with an emphasis on managing and operating heavy oil and thermal EOR in California, to the Sentinel Peak Resources team.

Michael Duginski, CEO of Sentinel Peak Resources, remarked, “We are excited that Tim has joined our Company as we move forward in California.  We believe his deep knowledge of California operations and understanding of the regulatory environment and environmental setting will serve us well. Tim has a long track record of successful management with heavy oil projects in the state and we look to leverage that in the future.”

About Sentinel Peak Resources LLC

Sentinel Peak Resources is a Denver based Quantum Energy Partners portfolio company. Sentinel Peak is focused on acquisition, development, and exploration of oil and gas assets, primarily focusing on heavy oil development in California. Sentinel Peak’s experienced team and substantial equity commitment have positioned the company to quickly and aggressively pursue acquisitions in thermal opportunities in the San Joaquin Basin of California.

About Quantum Energy Partners

Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $10.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.

Sentinel Peak Resources Appoints Executive Vice President, Los Angeles Basin Operations

Denver, CO – October 12, 2016 – Sentinel Peak Resources is pleased to announce the addition of George Paspalof as the Executive Vice President, LA Basin Operations. Most recently, Mr. Paspalof served as President of Brycon LLC from 2008 to 2016. Mr. Paspalof began his career with Texaco in 1988 in the LA Basin. He holds a BSc in Mechanical Engineering from California State Polytechnic University – Pomona and a Masters in Environmental Engineering from the University of Southern California. Mr. Paspalof’s extensive experience in urban operations, remediation and development of excess oil field property in the LA Basin area will be a great asset to the Sentinel Peak Resources team as they expand their operations.

Michael Duginski, CEO of Sentinel Peak Resources, said, “I welcome George to our team and look forward to leveraging his extensive experience in all aspects of urban oilfield operation and development. His nearly 30 years of oil and gas experience and unique combination of skill sets fits well with the operating requirements in the LA Basin. George’s knowledge of the regulatory standards and his relationships will be strategically important as Sentinel Peak grows in California.”

About Sentinel Peak Resources LLC

Sentinel Peak Resources is a Denver based Quantum Energy Partners portfolio company. Sentinel Peak is focused on acquisition, development, and exploration of oil and gas assets, primarily focusing on heavy oil development in California. Sentinel Peak’s experienced team and substantial equity commitment have positioned the company to quickly and aggressively pursue acquisitions in thermal opportunities in the San Joaquin Basin of California.

About Quantum Energy Partners

Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $10.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.

Quantum Energy Partners Announces The Formation Of Sentinel Peak Resources LLC With Over A $300 Million Equity Commitment

Houston, TX – April 27, 2016 – Quantum Energy Partners (“Quantum”), a leading energy private equity firm, is pleased to announce the formation of Sentinel Peak Resources LLC (“Sentinel Peak” or the “Company”) with certain former executives of Berry Petroleum led by industry veterans Michael Duginski (“Duginski”) and George Ciotti (“Ciotti”).

Sentinel Peak will engage in the acquisition, development, and exploration of oil and gas assets, primarily focusing on heavy oil development in California. Quantum and members of the management team have collectively made capital commitments in excess of $300 million to the Company.

The Sentinel Peak team will be led by Duginski as Chief Executive Officer and President and Ciotti as Chief Financial Officer and other seasoned executives and California operating personnel.  The Corporate office will be in Denver with a regional office in California.

Duginski remarked on the closing, “We look forward to building Sentinel Peak Resources into a strong California competitor and world class heavy oil operator. We see a great opportunity in the market today to capture long-lived enhanced oil recovery opportunities.  We are also excited to partner with Quantum, whose strong financial sponsorship and energy industry expertise provides a great compliment to our team.”

Garry Tanner, Managing Director at Quantum, said “We are excited to be partnering with Duginski and Ciotti who are seasoned executives and have a great track record of creating value in California, a rich oil and gas province which has its own unique operating characteristics that can be especially challenging to those not familiar with the area.”

About Sentinel Peak Resources LLC

Sentinel Peak is a Denver, CO based company focused on the acquisition and development of onshore oil opportunities, with an emphasis on heavy oil production and thermal enhanced oil recovery in California.

About Quantum Energy Partners

Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $10.5 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.