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 primarily 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, East Texas and along the Texas Gulf Coast, and Wyoming.
"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 and third private placements with total equity commitments of $1.8 billion and $1.5 billion, respectively. Not dissimilar from Fund I, Sheridan II's and Sheridan III’s objectives are to acquire mature producing properties that complement existing operations and to seek opportunities for extending the company's business model. By July 2016, employing a combination of equity commitments and debt financing, the three funds had completed nine acquisitions for an aggregate purchase price of $5.7 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.