Sheridan was established in 2006 by a seasoned team of oil and gas executives led by Lisa Stewart, who partnered with the private equity investment firm Warburg Pincus, with the long-term plan of creating a premier oil and gas operating company to implement the Sheridan investment strategy.
Since 2007, the company has raised $4.6 billion in equity capital commitments from institutional investors through three funds to acquire and operate a balanced portfolio of oil and gas properties in Southern Oklahoma and the Oklahoma Panhandle, the Permian Basin of West Texas and New Mexico, along the Texas Gulf Coast,
"Since 2007, Sheridan has raised $4.6 billion in equity capital to acquire and add value to assets in mature producing basins."
The success of Sheridan's first $1.3 billion fund led to its second private placement in November 2010 with total equity commitments of $1.8 billion. Not dissimilar from Fund I, Sheridan II's objective is to acquire mature producing properties that complement existing operations and to seek opportunities for extending the company's business model. By
March 2013, employing a combination of equity commitments and debt financing, the first two funds had completed
eight acquisitions for an aggregate purchase price of $5.2 billion.
We intend to add value to any newly acquired properties utilizing the same successful strategy employed in our first fund: cost-effective reinvestment; operational improvements and enhanced recovery programs; and prudent commodity hedging designed to protect investor returns. Identification and evaluation of acquisition candidates are ongoing activities.