Zavanna receives equity investment from Carnelian Energy to develop Williston Basin assets.

From GlobeNewswire: 2024-09-24 05:00:00

Zavanna, LLC, a Denver-based exploration and production company, has received an equity investment from Carnelian Energy Capital Management, L.P. The capital infusion will be used to recapitalize the company and facilitate development in its Williston Basin assets. Established in 1994 by Bill Coleman, Zavanna has amassed over 150 Bakken and Three Forks drilling sites under the leadership of David Hodges and Matt Ott. Carnelian’s Managing Director, Kevin Goodman, lauded Zavanna’s strong project portfolio in the Bakken fairway, emphasizing the potential for accelerated development. The investment will also enable Zavanna to pursue growth opportunities through acquisitions and trades.

Carnelian Energy Capital Management, L.P., a Houston-based energy investment firm with nearly $4 billion of capital commitments, has provided Zavanna, LLC with an equity investment to fuel development in its Williston Basin assets. The investment will enable Zavanna to boost its drilling activities and expand its footprint through strategic acquisitions and trades in the energy sector. Zavanna, led by a seasoned management team and founder Bill Coleman, is well-positioned to capitalize on Carnelian’s flexible and collaborative approach to partnership. The investment signifies a significant milestone for Zavanna as it looks to enhance its presence in the North American energy market.



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