CALGARY, Alberta, May 28, 2014 /CNW/ - Imaginea Energy Corp., a Canadian oil and gas company, today announced the closing of a US$300.0 million commitment from Lime Rock Partners, a private equity firm focused on upstream oil and gas investments worldwide, and a group of co-investors. Imaginea is led by CEO Suzanne West and will focus on the acquisition, development, and optimization of conventional oil and gas properties in Western Canada. Imaginea will also seek to be a leader in sustainable oilfield development and implement a series of initiatives to both improve corporate profitability and lessen the company's environmental impact.
Ms. West and Lime Rock Partners first partnered in the funding of Black Shire Energy in 2010, which was sold to Twin Butte Energy in 2013. Before Black Shire, Ms. West had successfully built and sold three other Canadian oil and gas companies.
Ms. West noted, "I am excited with how the Imaginea team, made up of Black Shire veterans and new team members, is tirelessly and passionately starting to implement our business plan. It is only appropriate that we are also continuing our great relationship with the Lime Rock Partners team as our investment partner in Imaginea. We look forward to pursuing our acquisition-driven strategy and applying the new ideas we've developed to make Imaginea a leader in profitability and sustainability."
Townes Pressler, a managing director of Lime Rock Partners added, "Suzanne is one of the best entrepreneurs we've ever worked with at Lime Rock, measured by commitment, vision, and results. We and our co-investors are thrilled to be partnering again with her and with the entire Imaginea team."
Established in 1998, Lime Rock Management has raised $5.5 billion in private equity funds for investment in the energy industry through Lime Rock Partners, investors of growth capital in E&P and oilfield services companies worldwide, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. For more information, please visit www.lrpartners.com.
SOURCE: Lime Rock Partners
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