A new Midland-based exploration and production company has started with a $500 million line of equity financing from an unidentified institutional investor to pursue opportunities in Permian Basin. Garrison Energy Holdings will consider deals in Delaware and Midland basins, central basin platform and northwest shelf.
Caleb Weatherl is CEO, and his father Steve is executive chairman. They previously founded Stronghold Energy II, which was backed by Warburg Pincus and sold in August 2022 for $465 million to Ring Energy.
“We’re looking for assets with upside that we can expeditiously develop (and) apply our technical expertise to develop,” Caleb Weatherl told Midland Reporter Telegram. “We’re committed – when someone brings us a deal – to do technical evaluations and due diligence and give a quick answer… We believe the world will need oil and gas long-term. The U.S. onshore – and the Permian Basin specifically – will be a critical part of the story.”