Development Capital Resources said June 19 its subsidiary initiated a drilling and development joint venture with a private operator in Permian Basin’s Wolfcamp formation. DCR said it will invest $165 million in the joint venture and will participate as a working interest owner in the drilling and completion of identified drilling locations. Drilling has started, DCR said, and will continue through 2020. DCR has offices in Midland and Houston. The DCR subsidiary is capitalized by funds managed by affiliates of Ares Management Corp.