Private equity player Warburg Pincus is providing up to $500 million in equity financing to Permian basin pure-play oil company Tall City Exploration III.
The formation of Tall City Exploration III follows a 2016 equity investment by Denham Capital in Tall City II, which was led by essentially the same management team that will run the new company.
The first iteration of Tall City amassed more than 90,000 net acres in Howard, Borden and Reagan counties in Texas and sold them off for more than $1 billion in 2015.
