EnCap Closes Fund XI Above Target at $7.0 Billion

Fund Advances EnCap’s Strategy of Providing Growth Capital to Proven
Management Teams

Focused on the North American Upstream Sector of the Oil and Gas
Industry

HOUSTON–(BUSINESS WIRE)–EnCap Investments L.P. (“EnCap”), a leading provider of capital to the
independent sector of the U.S. oil and gas industry with offices in
Houston and Dallas, today announced that it has closed EnCap Energy
Capital Fund XI, L.P. (“Fund XI”), with capital commitments of $7.0
billion, which exceeded its target. Fund XI provides growth capital to
proven management teams focused on the upstream sector of the oil and
gas industry in North America.

EnCap is led by seven managing partners including founders David B.
Miller, Gary R. Petersen, D. Martin Phillips and Robert L. Zorich, as
well as Jason M. DeLorenzo, E. Murphy Markham IV and Douglas E. Swanson,
Jr. Since the firm’s inception in 1988, EnCap has managed approximately
$34 billion of capital commitments on behalf of more than 350
institutional investors, investing in more than 240 companies and
establishing its reputation as the preeminent source of growth equity to
the oil and gas industry.

“We are extremely pleased to close Fund XI, our 20th
institutional fund to date,” said Marty Phillips, a Founder and Managing
Partner at EnCap. “This fund represents a significant milestone in
EnCap’s 29-year history and we are incredibly proud to have completed
another successful fundraise. We see this latest close as a clear
endorsement of our strategy and thank our new and existing investors for
their partnership.”

Doug Swanson, a Managing Partner, added, “Fund XI allows us to continue
to build upon our 29-year track record of building companies in the
upstream sector with proven high quality management teams. The
opportunity set for investment remains compelling and dynamic and we are
pleased to have a new pool of capital from a diverse range of investors
to begin taking advantage of opportunities in the marketplace.”

EnCap’s prior fund, EnCap Energy Capital Fund X, L.P., closed at $6.5
billion in April 2015.

About EnCap Investments L.P.

Since 1988, EnCap has been the leading provider of venture capital to
the independent sector of the U.S. oil and gas industry. The firm has
raised 20 institutional oil and gas investment funds totaling
approximately $34 billion and currently manages capital on behalf of
more than 350 U.S. and international investors. For more information,
please visit http://www.encapinvestments.com/

Contacts

Media
Joele Frank, Wilkinson Brimmer Katcher
Ed Trissel
/ Julie Oakes
212-355-4449
joakes@joelefrank.com