Mora Energy Holdings, LLC, a recently formed energy infrastructure company, announced that it has secured more than $250 million of initial equity commitments from funds managed by NGP Energy Capital Management, LLC (“NGP”), Old Ironsides Energy, LLC (“OIE”) and Mora’s management team.
Following its recent success developing and ultimately monetizing its oil and natural gas midstream assets in the Permian Basin, the LM Energy team has rebranded as Mora Energy and is actively pursuing new energy infrastructure opportunities. In addition to the legacy LM Energy team, Drew Bredthauer, who was most recently the Chief Commercial Officer of WTG Midstream until its sale to Energy Transfer, has joined Mora Energy as its President.
Mora Energy’s management team has decades of experience successfully developing and acquiring large-scale midstream projects in major U.S. producing regions including the Delaware and Midland Basins of the Permian, East Texas/Louisiana, the DJ Basin, and South Texas.
“To succeed in the current environment requires an execution-ready team and a significant amount of capital,” said Elliot Gerson, Chief Executive of Mora. “With the addition of Drew, our already excellent team is even stronger. And our partnership with both NGP and OIE immediately offers us substantial equity capital and financial flexibility. We are extremely well positioned to capitalize on the growing demand for high-quality energy infrastructure and to provide our customers with creative, reliable and safe solutions.”
“We are thrilled to partner with the Mora team for their latest midstream venture,” said Brian Seline, Partner at NGP. “We have long-standing relationships with Elliot and Drew and have followed their success over many years. We believe the Mora team has one of the best track records in midstream and is well positioned to be successful in the current environment. The team possesses the right operational and commercial skillsets to execute at the highest level.”
Sean O’Neill, Managing Partner of OIE, commented, “We are proud to establish our third partnership with Elliot and the Mora team. Over the past decade, we’ve seen firsthand how the Mora team has built and operated premier midstream infrastructure to meet the evolving needs of its upstream customers and partners. Our investment strategy is rooted in long-term alignment with high-quality partners like Mora. Mora Energy is a first-class team, well-positioned to capitalize on midstream opportunities in today’s environment.”
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