Colgate Energy, a Midland, Texas-based exploration and production company, raised $75m in equity financing.
The round was led by Pearl Energy Investments, with participation from Natural Gas Partners through its affiliate, NGP Natural Resources XI, and the Colgate management team.
Founded in 2015 by Will Hickey and James Walter, Colgate focuses on acquiring and developing oil and gas properties in the Permian Basin.
Prior to founding Colgate, the management team of the company served in various roles at Pioneer Natural Resources, Denham Capital Management and EnCap Investments. In their prior roles, Hickey and Walter participated in the development of hundreds of horizontal wells and over $2.5 billion of A&D activity in the Permian Basin.