EnCap Closes $2B Upstream Gas Fund for PennEnergy


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) - Private equity firm EnCap Investments announced Tuesday 
(10/28) that it has raised more than $2 billion through a new fund structure 
for natural gas developer PennEnergy Resources.

   The PennEnergy Continuation Vehicle is the largest fund of its kind closed 
in the upstream energy sector and it will enable Pittsburgh, PA-based 
PennEnergy to continue drilling  and developing its gas reserves in the 
Marcellus Shale play, EnCap stated.

   PennEnergy operates 430 producing wells generating a combined 600 MMcfd of 
gas in an area covering 180,000 gross acres. 




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