Energy Capital Partners Announces $160 Million Capital Commitment to Furie Operating Alaska for Cook Inlet Natural Gas Project
Jul 18, 2014
Energy Capital Partners Mezzanine Opportunities Fund announced today the completion of a $160 million investment commitment to Furie Operating Alaska, LLC (“Furie”), a growth-oriented independent oil & gas company. The investment will fund the build-out of infrastructure for the installation of an offshore natural gas production platform, marine pipeline, and onshore production facilities to bring proven natural gas reserves to market from Furie’s Kitchen Lights Unit in the Cook Inlet (“KLU”).
The offshore platform will be the first new Cook Inlet production platform installed since 2000, when the Osprey platform was installed at the Redoubt Shoal field. The KLU infrastructure will allow Furie to bring a newly discovered natural gas field online to diversify supply for the Kenai Peninsula, Mat-Su Valley and Anchorage areas. Going forward, Furie plans to continue its exploration and development program in the Kitchen Lights Unit, which is an 83,000-acre lease position.
“We are thrilled to form a partnership with a highly experienced capital provider in Energy Capital Partners. Their financial strength, industry relationships and midstream experience create a strong partnership,” said Damon Kade, Furie’s President.
“The strategic partnership with Furie is a great example of Energy Capital’s collaborative approach of applying its energy industry knowledge and creative capital to partner with an experienced team to build much-needed midstream assets,” said Nazar Massouh, who leads Energy Capital’s energy focused mezzanine investment activities. “We are excited to launch a partnership with a team that has a solid track record in Cook Inlet.”
Latham & Watkins LLP acted as legal advisor to Energy Capital Partners. Stoel Rives LLP (Anchorage and Seattle offices) and Cogan & Partners, LLP of Houston, acted as legal advisors to Furie Operating Alaska, LLC.