EnCap Closes $2B Upstream Gas Fund for PennEnergy

SECAUCUS, NJ (DTN) – Private equity firm EnCap Investments announced Tuesday (10/28) that it has raised more than $2 billion through a new fund structure for natural gas developer PennEnergy Resources.

The PennEnergy Continuation Vehicle is the largest fund of its kind closed in the upstream energy sector and it will enable Pittsburgh, PA-based PennEnergy to continue drilling  and developing its gas reserves in the Marcellus Shale play, EnCap stated.

PennEnergy operates 430 producing wells generating a combined 600 MMcfd of gas in an area covering 180,000 gross acres.