Waveland Energy Partners Oversubscribes $100 Million Oil & Gas Fund

Waveland Energy Partners LLC, a private equity firm focused on the upstream oil and gas industry, announced that Waveland Resource Partners VI L.P., a private placement offering that launched in June 2021, closed to new investors on Aug. 31, 2023.

The company says the fund, a total return growth and income fund, surpassed its targeted capital raise of $100 million with subscriptions totaling $135 million.

According to Waveland, the fund is aggregating oil and gas assets in the Bakken Shale in North Dakota to generate quarterly cash distributions, currently 10% annualized, from operating income and reinvesting the balance in additional assets that are being aggregated for potential sale. As of August 2023, the company says the fund owns minority equity interests in 122 wells.

“We appreciate the broad participation in our recently closed fund,” said Michael J. Greer, chief executive officer of Waveland Energy Partners. “Our investment strategy, market conditions, acquisition opportunities, and performance are aligned, and we anticipate generating strong income and growth in the energy sector for the foreseeable future.”

Waveland Energy Partners was founded in 2000 and participates in exploration and development activities in Texas, Oklahoma, New Mexico, and North Dakota. Since inception, the firm said that it has deployed more than $760 million through its oil and gas investment funds with capital raised primarily through the FINRA broker-dealer community.

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