Development Capital Resources announced that a DCR-managed subsidiary, capitalized by funds managed by affiliates of Ares Management Corp., has entered into a drilling and development joint venture with a private operator in the Permian Basin.
The DCR-managed entity will invest up to $165 million in the joint venture and will participate as a working interest owner in the drilling and completion of identified drilling locations in the Permian’s Wolfcamp formation. The drilling program has commenced, and it is anticipated to continue through 2020.
This will be DCR’s fourth transaction in this segment of the energy space.
DCR was formed in early 2017 to provide capital to the North American exploration and production industry and, in partnership with funds managed by affiliates of Ares, has been involved in four transactions representing more than $1.3 billion to acquire and fund participating interests in joint ventures across projects in Texas, Oklahoma and
