Natural Gas Partners Investment in Parsley

Locke Lord lawyer Greg Heath represented Natural Gas Partners (NGP) in its $65 million preferred equity investment in Parsley Energy, LLC (Parsley). Founded in 1988, NGP is a family of private equity investment funds organized to make investments in the natural resources sector and is part of the investment platform of NGP Energy Capital Management, an investment franchise in the natural resources industry, which together with its affiliates has managed $13 billion in cumulative committed capital since inception. Parsley is a Midland, Texas-based company, founded in 2008. With 9 rigs running in the Midland Basin., Parsley is currently producing over 17,000 barrels of oil equivalent per day (Boepd) on a gross operated basis and over 5,000 Boepd on a net basis.