Santa Fe Based Private Equity Firm Acquires Future Petroleum, Rebrands as Taos Resources
Independent oil producer operates wells in the Gulf Coast of Texas and Kansas
SANTA FE, NM—Southwestern Growth Partners (“SWGP”), a private equity firm based in Santa Fe, New Mexico, closed a $54 million acquisition of Future Petroleum on June 12, 2013. All assets and employees of Future Petroleum were transferred in the sale, aside from departing CEO, Carl Price. SWGP has renamed the company Taos Resources.
Logan Magruder, a seasoned oil and gas executive, formerly of Quantum Resources and Chief Oil and Gas has been tapped to be the President and CEO.
“The acquisition of Future Petroleum is our first foray into the upstream oil and gas business,” noted Edward Tinsley, an SWGP founder. “Aside from finding immense upside potential in the Company’s diverse set of assets across the Gulf Coast of Texas and Kansas, we were attracted to this Company for the incredible talent the team brings to the table. We are excited to put some growth behind this group, and let them put their talents to work.”
About Taos Resources
Taos Resources holds approximately 58,000 gross (38,000 net) acres in Texas, Kansas and Wyoming. The Company operates 90% of its producing acreage from over 120 wells. Taos Resources was formed in June 2013 to acquire Future Petroleum Company. The Company is owned exclusively by Taos Resources Fund I LLC, a private equity fund managed by SWGP.