Hibernia Energy III, LLC Announces Partnership with NGP

HOUSTON–(BUSINESS WIRE)–Hibernia Energy III, LLC (“Hibernia III”) is pleased to announce it has
raised $250 million of new equity commitments from NGP through NGP
Natural Resources XII, L.P., the most recent NGP private equity fund
focused on natural resources. In addition to the commitment from NGP,
Hibernia management and members will be committing in excess of $21
million in equity. Hibernia III’s strategy is to acquire and prudently
develop unconventional oil and gas assets in Texas, leveraging its
proprietary relationships and operational expertise. The Houston, Texas
based Hibernia team previously acquired, operated and developed assets
in Martin County, Texas within the Midland Basin, divesting assets to
both Athlon Energy and Eagle Energy Trust.

Hibernia III is led by P. Embry Canterbury, Sean Keenan and John
Blevins. Embry previously co-founded Hibernia Energy, LLC (“Hibernia I”)
and Hibernia Energy II, LLC (“Hibernia II”), which originally partnered
with NGP in July 2010 and May 2013. Embry will be joined by Sean Keenan
and John Blevins who will act as CFO and COO, respectively. Additional
management team members have served in various roles at Permian-focused
companies as reservoir engineers, operations engineers, geologists and
land and business development managers. Carl Carter III, who co-founded
Hibernia I and II, will act as a Strategic Advisor to the Hibernia III
team. The senior management team has developed a strong track record in
the Permian and other unconventional basins throughout the United States
and brings 60+ years of industry experience to Hibernia III.

P. Embry Canterbury, CEO of Hibernia III, commented, “After two
successful partnerships in the Midland Basin, we are excited to again be
working with NGP on building another oil and gas company focused on
creating significant value for our partners and team members. We believe
there are tremendous opportunities in today’s market to acquire,
develop, and realize value in multiple, unconventional resources and we
have assembled a best-in-class team to execute this strategy.”

“NGP is excited and grateful to partner with the Hibernia III team,”
Patrick McWilliams, Partner at NGP, said. “We are thrilled to get to
work again with such an energetic, disciplined and skilled company and
could not be happier to continue the partnership. We have known Embry
and the Hibernia III team for years, and respect the dynamic culture,
top-tier operating capabilities, and deep local relationships that will
make Hibernia III truly successful.”

For more information about Hibernia III, please visit www.hiberniaresources.com.

About NGP

Founded in 1988, NGP is a premier private equity firm in the natural
resources industry with approximately $17 billion of cumulative equity
commitments organized to make strategic investments in the energy and
natural resources sectors.

For more information about NGP, please visit www.ngpenergycapital.com.

Contacts

NGP Energy Capital Management
Patrick McWilliams, 972-432-1440
Partner
inquiries@ngptrs.com