Veteran Leadership Team Forms Pegasus Resources with $300 Million Equity Commitment from EnCap Investments

FORT WORTH, Texas–(BUSINESS WIRE)–Pegasus
Resources, LLC (Pegasus), a mineral and royalty company, announced
today that it has received a $300 million equity commitment from EnCap
Investments L.P. (EnCap). Led by a team of veteran energy
executives, Fort Worth-based Pegasus will focus on acquiring and
managing mineral and royalty properties located in the core of
established and rapidly emerging resource plays, primarily the Permian
Basin.

The Pegasus management team has approximately 150 years of combined
experience and has worked together successfully in various ventures for
over a decade. Pegasus is led by Chief Executive Officer (CEO) George M.
Young Jr., who has spent more than 35 years in the energy industry, most
recently as CEO of Silverback Exploration, LLC and President of Collins
and Young, LLC. Pegasus President and Chief Operating Officer Will O.
Rodgers most recently served as Vice President of Collins and Young and
Vice President of Wolf Exploration, LLC. Chief Financial Officer Lynn
Frank most recently served as Director of Finance for Black Stone
Minerals, LP (NYSE: BSM).

Pegasus Vice President of Land Don H. Collins has served as Vice
President of Land for Collins and Young for 12 years. Vice President of
Operations Cass H. Rodgers worked as Manager of Operations for Collins
and Young for more than 5 years. Additionally, energy industry veteran
Ted Collins Jr. will serve Pegasus as a non-executive advisor.
Comprehensive management bios can be found here.
To enhance the quality and volume of opportunities to purchase mineral
and royalty properties, Pegasus has partnered with Tilden
Capital, LLC. Tilden has a long track record of successfully
sourcing and closing mineral and royalty acquisitions across various
basins.

“Our team has spent years working together and has a proven track record
of successful collaboration and value creation,” said George M. Young
Jr., Pegasus’ Chief Executive Officer. “Our plan is to leverage our
extensive network of energy industry relationships, coupled with EnCap’s
financial strength and expertise, to assemble an attractive portfolio of
high-return properties during an advantageous point in the price cycle.
We have already seen a significant amount of deal flow and look forward
to continuing to source, negotiate and close mineral acquisitions.”

“We have worked with members of the Pegasus team for many years,” said
David Miller, Co-founder and Managing Partner of EnCap. “They have a
proven track record of value creation in the oil and gas business, and
we look forward to continuing our successful partnership with them.”

The Fort Worth office of Kelly Hart & Hallman, LLP acted as legal
advisors to Pegasus. Thompson & Knight, LLP served as legal counsel to
EnCap.

About Pegasus Resources, LLC

Pegasus Resources is a mineral and royalty company based in Fort Worth,
Texas, focused primarily on the acquisition and management of properties
in the Permian Basin. Pegasus is financially backed by a $300 million
equity commitment from EnCap Investments L.P. For more information on
Pegasus, please visit www.pegasusresources.com.

About EnCap Investments L.P.

Since 1988, EnCap Investments 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 www.encapinvestments.com.

Contacts

For Pegasus Resources
M2H Communications
Meredith
Hargrove Howard, 210-737-4478
[email protected]
or
For
EnCap Investments
Joele Frank, Wilkinson Brimmer Katcher
Ed
Trissel, 212-355-4449
or
Julie Oakes, 212-355-4449