True Oil gets its private-equity backing from Ares Management and is led by industry players including Ronnie Scott, a former chief operating officer and president at Henry Petroleum and Henry Resources of Midland, Texas.
“With Ronnie and the team’s deep experience in the Permian Basin, we are confident in True Oil’s ability to acquire and develop oil and gas assets and become a leading operator in this particularly attractive area," said Nate Walton, a principal in Ares' private-equity group who will serve as board chairman for the venture.
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