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EnCap ponies up more cash for Ameredev

Second financing deal for Permian player follows previous investment that resulted in sale to Callon

Private equity giant EnCap has again agreed to back Austin-based Ameredev with a $400 million equity commitment after the successful sale of Ameredev's initial project in the Permian basin.

"The EnCap team's focus on relationships, balanced commercial and technical perspective, and track record of investment returns make them a great partner for Ameredev," chief executive Parker Reese said. "We look forward to continuing the successful value-adding partnership that we have developed with them."

Ameredev was founded in July 2015 with $250 million in backing from EnCap.

The company built a position totalling 16,700 acres in the Delaware side of the Permian basin that was sold to Callon Petroleum last month for $633 million.

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