Global alternative asset manager The Carlyle Group and Diamondback Energy have entered into an agreement to fund the development of Diamondback’s oil and gas assets in the San Pedro area of Pecos County, Texas, within the Southern Delaware basin.
As part of the joint venture, Carlyle Energy Mezzanine Opportunities Fund II will fund up to 85 percent for the development program over five years. After certain performance hurdles are achieved in the program, Carlyle’s working interests will largely revert to Diamondback.
