Texas American Resources has announced that First Reserve, a private equity and infrastructure investment firm, and members of management have made an investment in the company. First Reserve has committed up to $250 million in private equity capital to Texas American to support the company’s pursuit of oil development opportunities in the Eagle Ford shale.

Founded in 1991, Texas American has a long history of successful oil and natural gas exploration and production operations. Concurrent with the closing of First Reserve’s investment, the company acquired an initial leasehold position in the black oil window of the Eagle Ford trend in Atascosa County, Texas, covering approximately 12,000 acres. The company plans for development drilling to begin in the first quarter of 2017.

David Honeycutt, CEO of Texas American, said, “We are excited to have the support and confidence of First Reserve, and we are delighted to be their partner. With their support, we believe we have a unique opportunity and are looking forward to executing our business plan. We are also excited that we have closed the first of our targeted leasehold acquisitions and to be in a position to begin our development drilling program so quickly.”

Source: www.worldoil.com