Time filter

Source Type

CALGARY, ALBERTA--(Marketwired - May 11, 2017) - Waterous Energy Fund ("WEF") is pleased to announce that its affiliates, WEF GP (International) Ltd., the general partner of Waterous Energy Fund (International) L.P. and WEF GP (Canadian) Corp., the general partner of Waterous Energy Fund (Canadian) L.P., have today completed the previously announced acquisition of approximately 67% of the issued and outstanding common shares of Northern Blizzard Resources Inc. (the "Company") from affiliates of Riverstone Holdings, LLC, and NGP Energy Capital Management, LLC. The acquisition was completed pursuant to the terms of the previously announced share purchase agreements for a purchase price of $3.60 per common share for an aggregate purchase price of $244 million. WEF acquired approximately 27.18% of the issued and outstanding common shares of the Company from R/C Canada Coöperatief U.A. ("R/C Canada"), and 40,316,175 common shares, representing approximately 39.91% of the issued and outstanding common shares of the Company, from NGP IX Northern Blizzard S.A.R.L. ("NGP IX", and together with R/C Canada the "Vendors"). WEF now holds 67,742,345 common shares of the Company representing 67.09% of the issued and outstanding common shares of the Company. The transaction was subject to certain regulatory approvals, including Competition Act (Canada) which was received prior to completion. WEF has also been assigned R/C Canada's and NGP IX's rights under a registration rights agreement dated July 22, 2010. Prior to the acquisition, WEF held no shares in the Company. WEF has acquired the shares for investment purposes and may increase or decrease its beneficial ownership, control or direction over securities of the Company in the future. WEF acquired the common shares of the Company pursuant to the exemption from the formal take-over bid requirements of securities legislation pursuant to the exemption set out in Section 4.2 of Multilateral Instrument 62-102 (the "Instrument"). In accordance with that exemption, the purchase is was made from only two persons, no offer was made generally to the common shareholders of the Company, and the purchase price for the common shares was less than 115% of the market price of the common shares, calculated in accordance with the instrument. This press release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids in connection with the filing of early warning reports (the "Early Warning Reports") containing the information with respect to the foregoing matters. A copy of the Early Warning Reports will be filed shortly under the Corporation's profile on SEDAR (www.sedar.com) and a copy thereof shall be promptly sent to anyone who requests it from the person noted below. Waterous Energy Fund is a Calgary headquartered oil and gas private equity firm targeting a focused portfolio of owned and controlled investment opportunities between $100 and $400 million across North America. WEF's current portfolio includes Strath Resources Ltd., a private oil and gas producer in the Kakwa region of the Montney basin of Alberta. To date, WEF has made equity commitments of approximately $650 million, and post-closing its investment in Northern Blizzard will control assets with an enterprise value in excess of $1 billion.


LONDON, UK / ACCESSWIRE / May 18, 2017 / Active Wall St. announces its post-earnings coverage on The Carlyle Group L.P. (NASDAQ: CG). The Company announced its first quarter fiscal 2017 financial results on May 04, 2017. The fund manager surpassed earnings expectations. Register with us now for your free membership at: One of Carlyle Group's competitors within the Asset Management space, Voya Financial, Inc. (NYSE: VOYA), reported on May 03, 2017, its financial results for Q1 2017. AWS will be initiating a research report on Voya Financial in the coming days. Today, AWS is promoting its earnings coverage on CG; touching on VOYA. Get our free coverage by signing up to: For the three months ended March 31, 2017, Carlyle reported revenue of $1.12 billion, up 131% compared to revenue of $483 million for Q1 2016. Carlyle's US GAAP results for Q1 2017 included income before provision for income taxes of $328 million, and net income attributable to the common unit holders through The Carlyle Group L.P. of $83 million, or net income per common unit of $0.90, on a diluted basis. Carlyle reported net accrued performance fees of $1.4 billion for Q1 2017, up 34% from $1.1 billion at year-end 2016. The Company posted distributable earnings of $55 million on a pre-tax basis and 0.13 per common unit on a post-tax basis in Q1 2017 and $579 million over the last twelve months. Carlyle generated $3.5 billion in realized proceeds in Q1 2017 and $28.5 billion realized over the last twelve months, 4.4 billion of invested capital in Q1 2017 and $17.0 billion invested over the last twelve Months. Carlyle reported said economic net income (ENI) of $364.6 million after taxes, more than six times compared to ENI of $58.2 million in Q1 2016. On a per share after tax basis, ENI totaled $1.09 compared to ENI of $0.18 in the year ago same quarter, surpassing analysts' consensus of $0.38 per share "Carlyle produced its second strongest value creation quarter since going public five years ago. Our portfolio performed well in virtually every sector and every region, appreciating by 6% and leading to a 34% increase in our net accrued carry in the first quarter. The long-term strength of the underlying portfolio supports our goal to raise $100 billion in new capital by the end of 2019." Carlyle's Corporate Private Equity segment produced distributable earnings of $35 million, down from $105 million in Q1 2016, reflecting an approximately $40 million decline in realized net performance fees compared to a year ago. Fee related earnings in Corporate Private Equity were $10 million in the reported quarter, down from $32 million in the year ago same quarter, reflecting lower management fee and transaction fee revenue, while cash compensation was 7% lower on a y-o-y basis. The segment's economic net income of $313 million exceeded the six prior quarters combined, and was substantially higher than distributable earnings. During Q1 2017, Carlyle's Real Assets ENI was $59 million, slightly lower compared to ENI of $62 million generated in Q1 2016. The Company noted that accrued carry in Real Assets has been growing sharply over the past five quarters as both US real estate and natural resources has seen strong fund performance. Real Assets' net accrued carry stood at $341 million at the end of the reported quarter, nearly four times the $92 million at year-end 2015. Real Assets produced distributable earnings of $4 million, with $5 million in fee-related earnings and $7 million in realized net performance fess, partially offset by an $8 million realized investment loss from the Company's plan. As of March 31, 2017, Carlyle's cash and cash equivalents and corporate treasury investments totaled $948 million. The Company's on-balance sheet investments attributable to unit-holders were $586 million, excluding the equity investment by Carlyle in NGP Energy Capital Management. Debt obligations, consisting of loans, senior notes, and promissory notes totaled $1.3 billion at the end of Q1 2017. Net accrued performance fees attributable to unit-holders were $1.4 billion. These performance fees are comprised of $3.0 billion of gross accrued performance fees, less $0.2 billion in accrued giveback obligation and $1.4 billion in accrued performance fee compensation and non-controlling interest. During Q1 2017, Carlyle repurchased and retired 14,190 units for an aggregate purchase price of $0.2 million. Cumulatively through March 31, 2017, Carlyle has repurchased and retired 3.7 million units for an aggregate purchase price of $59.1 million as part of its previously announced $200 million unit repurchase program, with the majority of repurchases done via open market transactions. Carlyle Group's share price finished Wednesday's trading session at $17.45, sliding 6.18%. A total volume of 1.22 million shares exchanged hands, which was higher than the 3 months average volume of 625.31 thousand shares. The stock has rallied 12.52% and 17.34% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have surged 16.21%. The stock is trading at a PE ratio of 20.03 and has a dividend yield of 7.97%. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / May 18, 2017 / Active Wall St. announces its post-earnings coverage on The Carlyle Group L.P. (NASDAQ: CG). The Company announced its first quarter fiscal 2017 financial results on May 04, 2017. The fund manager surpassed earnings expectations. Register with us now for your free membership at: One of Carlyle Group's competitors within the Asset Management space, Voya Financial, Inc. (NYSE: VOYA), reported on May 03, 2017, its financial results for Q1 2017. AWS will be initiating a research report on Voya Financial in the coming days. Today, AWS is promoting its earnings coverage on CG; touching on VOYA. Get our free coverage by signing up to: For the three months ended March 31, 2017, Carlyle reported revenue of $1.12 billion, up 131% compared to revenue of $483 million for Q1 2016. Carlyle's US GAAP results for Q1 2017 included income before provision for income taxes of $328 million, and net income attributable to the common unit holders through The Carlyle Group L.P. of $83 million, or net income per common unit of $0.90, on a diluted basis. Carlyle reported net accrued performance fees of $1.4 billion for Q1 2017, up 34% from $1.1 billion at year-end 2016. The Company posted distributable earnings of $55 million on a pre-tax basis and 0.13 per common unit on a post-tax basis in Q1 2017 and $579 million over the last twelve months. Carlyle generated $3.5 billion in realized proceeds in Q1 2017 and $28.5 billion realized over the last twelve months, 4.4 billion of invested capital in Q1 2017 and $17.0 billion invested over the last twelve Months. Carlyle reported said economic net income (ENI) of $364.6 million after taxes, more than six times compared to ENI of $58.2 million in Q1 2016. On a per share after tax basis, ENI totaled $1.09 compared to ENI of $0.18 in the year ago same quarter, surpassing analysts' consensus of $0.38 per share "Carlyle produced its second strongest value creation quarter since going public five years ago. Our portfolio performed well in virtually every sector and every region, appreciating by 6% and leading to a 34% increase in our net accrued carry in the first quarter. The long-term strength of the underlying portfolio supports our goal to raise $100 billion in new capital by the end of 2019." Carlyle's Corporate Private Equity segment produced distributable earnings of $35 million, down from $105 million in Q1 2016, reflecting an approximately $40 million decline in realized net performance fees compared to a year ago. Fee related earnings in Corporate Private Equity were $10 million in the reported quarter, down from $32 million in the year ago same quarter, reflecting lower management fee and transaction fee revenue, while cash compensation was 7% lower on a y-o-y basis. The segment's economic net income of $313 million exceeded the six prior quarters combined, and was substantially higher than distributable earnings. During Q1 2017, Carlyle's Real Assets ENI was $59 million, slightly lower compared to ENI of $62 million generated in Q1 2016. The Company noted that accrued carry in Real Assets has been growing sharply over the past five quarters as both US real estate and natural resources has seen strong fund performance. Real Assets' net accrued carry stood at $341 million at the end of the reported quarter, nearly four times the $92 million at year-end 2015. Real Assets produced distributable earnings of $4 million, with $5 million in fee-related earnings and $7 million in realized net performance fess, partially offset by an $8 million realized investment loss from the Company's plan. As of March 31, 2017, Carlyle's cash and cash equivalents and corporate treasury investments totaled $948 million. The Company's on-balance sheet investments attributable to unit-holders were $586 million, excluding the equity investment by Carlyle in NGP Energy Capital Management. Debt obligations, consisting of loans, senior notes, and promissory notes totaled $1.3 billion at the end of Q1 2017. Net accrued performance fees attributable to unit-holders were $1.4 billion. These performance fees are comprised of $3.0 billion of gross accrued performance fees, less $0.2 billion in accrued giveback obligation and $1.4 billion in accrued performance fee compensation and non-controlling interest. During Q1 2017, Carlyle repurchased and retired 14,190 units for an aggregate purchase price of $0.2 million. Cumulatively through March 31, 2017, Carlyle has repurchased and retired 3.7 million units for an aggregate purchase price of $59.1 million as part of its previously announced $200 million unit repurchase program, with the majority of repurchases done via open market transactions. Carlyle Group's share price finished Wednesday's trading session at $17.45, sliding 6.18%. A total volume of 1.22 million shares exchanged hands, which was higher than the 3 months average volume of 625.31 thousand shares. The stock has rallied 12.52% and 17.34% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have surged 16.21%. The stock is trading at a PE ratio of 20.03 and has a dividend yield of 7.97%. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


News Article | April 18, 2017
Site: www.prnewswire.com

The event, titled "Preparing for the Future of Energy – Thriving in Complex and Uncertain Times," heard that historic questions of global hydrocarbon supply were no longer an issue due to the explosive growth of the U.S. shale sector. This has impacted on the rest of the world and globalized American business through a revamped export policy. It could also play a positive role in future U.S. detente. In his keynote address to a record event audience of more than 200 oil and gas industry professionals, Kenneth Hersh, CEO of the George W. Bush Presidential Center and co-founder and advisory partner of NGP Energy Capital Management, said: "This wonderful industry is at the epicenter of change. It is a change that has been dramatic and it is not going back to the way it was. It has increased opportunity, economic activity and has democratized what was a world of scarcity into a world of abundance." Mr. Hersh said the new look oil and gas industry operating in an era of supply abundance had to face the same pressures as any other commodity. "We grew up with axioms around scarcity but now we have entered a different realm. The North American unconventional game has changed the industry and has had knock on effects around the world," he said. "It is no longer about finding hydrocarbons. It's about whom we are competing against, what does our customer want, what does our distribution channel look like, what is our price point. Who are the winners? The consumers. The losers will be the high-cost producers and people playing the old game." Referencing political instability in the Middle East and Russia's growing influence, Mr. Hersh added supply abundance at home, which released the U.S. from reliance on imports, may impact on future foreign policy decisions. The Energy Symposium featured two panel sessions: 'Forces Shaping the Future of Energy – Global and U.S. Big Picture' and 'Challenges and Opportunities in the U.S.' Energy Institute board of advisors members Mike Stice and Bruce Stover moderated both panel sessions. The sessions focused on the impact of technology and innovation in areas such as global supply and demand, issues related to induced seismicity, the treatment and disposal of water and the impact of carbon emissions on global warming. Attendees heard that while the U.S. onshore shale industry has seen a rapid return to growth, technological developments and innovative risk-reducing business models in the offshore sector, had lowered operating costs and would enable it to follow suit in the next two years. Natural gas was forecast as one of the largest areas for growth, while the export of U.S. Liquefied Natural Gas (LNG), particularly to Asia, could create benefits from a geopolitical perspective. In welcoming delegates to the Energy Symposium, Daniel W. Pullin, dean, Price College of Business, called on U.S. energy leaders to "thrive not just survive" in the low price environment. "Energy in all its forms drives humanity forward," he said. Dr. Dipankar Ghosh, executive director of the Price College of Business Energy Institute, said: "The international energy industry faces many challenges today, but it was clear from the high quality debate at the Energy Symposium that very real opportunities for growth exist. "It was encouraging to hear the positivity and enthusiasm expressed by delegates and the many examples of how the energy industry is embracing the changes required today to meet the demands of tomorrow." To view the video shared at the Energy Symposium, please visit http://www.realenergyleaders.com/blog/a-portrait-of-a-real-energy-leader. Guest speakers at the Energy Symposium were: About the Price College of Business Energy Institute: The Price College of Business at the University of Oklahoma has become Oklahoma's leading graduate business program. For more than 50 years, education and research in energy management have been central to the college's purpose. In 2011, the Price College of Business added to its leading position in energy by forming the Energy Institute: a platform for thought leadership and intellectual exchange. Tightly coupled with its education in energy programs, the Energy Institute's research informs policy and business strategy, while its outreach programs foster meaningful dialogue amongst energy professionals worldwide. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/us-energy-industry-is-changing-the-world-300440534.html


News Article | June 13, 2017
Site: www.businesswire.com

HOUSTON--(BUSINESS WIRE)--Carnelian Energy Capital Management, L.P. (Carnelian) today announced the single closing of its oversubscribed second fund, Carnelian Energy Capital II, L.P., at the fund’s hard cap of $600 million. “We are sincerely grateful for the confidence and trust placed in us by our investors,” said Tomas Ackerman, Carnelian Partner. “The energy landscape continues to present attractive opportunities, and we believe our focused approach of partnering with a limited number of management teams in the underserved lower-to-middle market oil and gas sector will continue to generate top-tier, risk-adjusted returns.” Carnelian, a Houston-based energy investment firm founded by Tomas Ackerman and Daniel Goodman, focuses on equity line-of-credit investments in the North American upstream, midstream and oilfield services sectors. The firm’s inaugural $400 million fund closed in 2015 and includes partnerships with Bison Oil & Gas Partners, LLC, Bison Oil & Gas Partners II, LLC, Grit Oil & Gas Partners, LLC, OneEnergy Partners, LLC, Percussion Petroleum, LLC, and Shot Hollow Partners, LLC, among others. “Carnelian’s model is dedicated to being collaborative, value-additive and highly responsive, yielding a differentiated experience for our portfolio company partners,” added Daniel Goodman, Carnelian Partner. “We focus on partnering with next-generation entrepreneurs who have been on the cutting edge of advancements in the energy industry since the early 2000s.” Kirkland & Ellis LLP served as fund formation counsel. Carnelian did not engage a placement agent for the formation of the fund. Carnelian is an energy investment firm based in Houston, Texas. With $1 billion of cumulative equity commitments, Carnelian focuses on lower-to-middle market equity investments in the North American upstream, midstream and oilfield services sectors. For more information, please contact Carnelian at info@carnelianec.com or visit www.carnelianenergy.com.


News Article | February 15, 2017
Site: www.marketwired.com

HOUSTON, TX--(Marketwired - February 14, 2017) - Grit Oil & Gas Partners, LLC ("Grit" or the "Company") today announced the closing of an equity commitment from Carnelian Energy Capital Management, L.P. ("Carnelian") through Carnelian's fund, Carnelian Energy Capital, L.P. Grit, an independent oil and natural gas company headquartered in Houston, was formed to pursue an acquisition and exploitation strategy in select onshore basins in North America, with an initial emphasis on the Ark-La-Tex region. The founders of the Company, Larry Forney, Greg Robbins, Anthony Sayre and Dennis Venghaus, most recently worked together as Chief Operating Officer, Senior Vice President of Corporate Development, Vice President of Operations and Chief Accounting Officer, respectively, at Memorial Resource Development Corp. ("Memorial"), where they helped oversee Memorial's significant growth from IPO through its sale to Range Resources Corp. in September 2016. Larry Forney, Chief Executive Officer of Grit, commented, "We have assembled a team with a proven track record of creating value through focused drilling, completion and operational efficiencies, and we are excited about the opportunities we see to put our collective skillset to work in today's market." Greg Robbins, President of Grit, added, "It was important to us to partner with a group we have had a long relationship with. We see Carnelian as a truly additive partner who has the experience and focus to help us succeed." Carnelian Partner Tomas Ackerman noted: "We are truly grateful to partner with such a highly-talented team. Their broad experience across multiple basins and asset types provides a unique competitive advantage in this environment." Grit is an independent oil and natural gas company based in Houston. Grit focuses on acquisition and exploitation opportunities in select onshore basins in North America, with an initial emphasis on the Ark-La-Tex region. For more information, please contact Grit at grobbins@gritog.com or visit www.gritog.com. Carnelian is a private equity firm based in Houston. Carnelian focuses on lower and middle market equity investments in the North American upstream, midstream and oilfield services sectors. For more information, please contact Carnelian at info@carnelianec.com or visit www.carnelianenergy.com.


Alhajji A.F.,Energy Capital Management
Oil and Gas Journal | Year: 2011

The article incorporates Iraq's experience in oil production capacity building since 2003 and adds Nigeria. Factors that determine the amount and the speed of Libyan production increases include the degree of destruction of oil facilities and pipelines, the degree of exodus of critical specialized personnel and the conditions of their return or replacements, the degree of decisiveness or level of priority given by the transitional government. The financial crisis, the massive losses of certain ventures with global investment banks, and the uncertainty regarding the ability to reclaim all foreign assets make the amount of capital available significantly smaller than expected. Economic sanctions on Iran have contributed to the slow growth in production capacity during this period. It is worth noting that Iran's production capacity has not recovered to the pre-revolution level of 6 million b/d, mostly because of the belief that the old production level of 6 million b/d was not sustainable.


Alhaiji A.,Energy Capital Management
World Oil | Year: 2013

The hard-to-define conflict in Syria has created a nightmare in the nation's oil fields, especially near the city of Deir alzor in the northeastern part of the country. The conflict has created an opportunity for smugglers to ship badly needed, heavily subsidized petroleum products to neighboring countries; where prices of these products are at least six times higher. The loss of Syrian crude has affected global markets. Some European countries have lost their portions of valuable, 75,000-bpd light crude imports from Syria, due primarily to sanctions that ban the import of Syrian oil. While Syria may be a small oil producer, claiming 2.5 billion bbl of oil reserves and a pre-revolution production of about 330,000 bpd, oil export revenues did generate about 25% of the government's revenues in 2010. Syria's energy usage could potentially explode, once the war is over. The increase in energy consumption would result in higher imports of oil and natural gas.


News Article | December 14, 2009
Site: gigaom.com

UPDATED High-profile cleantech investor Vinod Khosla has made his first publicly announced bet in the wind industry, backing Danotek Motion Technologies, a designer and manufacturer of advanced electrical generators for wind turbines. Khosla’s venture firm Khosla Ventures led the $13.2 million round of funding for the Canton, Mich.-based startup, and according to the release, this marks the first investment for Khosla Ventures’ new “late-stage Venture Expansion Fund.” CMEA Capital, Energy Capital Management and GE Energy Financial Services, the investment arm of General Electric also joined the round, which Danotek said will help it expand R&D, increase its staff and ramp up production of its generators. Scott Mabie, Danotek’s director of business development, told us the firm plans to produce about 1,000 generators next year and reach 4,000 units annually within three years. Khosla, one of the most aggressive clean tech venture investors, has put money in at least 70 cleantech startups spanning a wide array of sectors including solar, water, batteries, engine efficiency, building materials and alternative fuels. But until now, he had not disclosed a direct position in the wind industry. (Update: A Khosla Ventures spokesperson has confirmed that the firm’s portfolio does not include any undisclosed investments in the wind sector, and this is in fact Khosla’s first wind play.) Earlier this year, reports emerged that Khosla was raising $1 billion for two new funds that would largely invest in clean technology startups. Of the total, about $250 million was for a fund focused on early stage investing and the remainder — about $750 million — was to invest in later-stage ventures. Few details so far have emerged about these funds, and it appears the Venture Expansion Fund cited in the release is the later-stage fund from earlier reports. The Khosla spokesperson we spoke with said she could not confirm this point. Danotek develops what are known as “permanent magnetic generators,” which use high-powered magnets to convert the mechanical energy from spinning wind blades into electric power. This type of generator is not new and has been used in small applications, like home appliances, but only recently have engineers started looking to use it in large-scale power generation, Mabie said. Danotek has added special cooling technology and other design features that the firm said have increased the generator’s efficiency at high and low wind speeds. The startup estimates its technology will enable wind turbines to harvest an average of 15 percent more energy than turbines currently on the market, providing about “$1 million in additional revenue over the life of the turbine,” according to a release. Danotek also said its generators are more reliable and less costly to maintain than conventional induction generators because they contain fewer “wear-and-tear” parts. With this latest investment, Danotek has raised a total of $21 million in venture financing. It’s the second time GE Energy has invested in the firm, a notable vote of confidence from one of the world’s leading wind turbine manufacturers. In November last year, GE Energy, Statoil and CMEA invested $7.25 million in Danotek’s first round of funding.


News Article | June 23, 2011
Site: www.xconomy.com

Danotek Motion Technologies is finalizing a deal to secure $20 million in new financing, company officials told Xconomy. The startup, based in Canton Township, MI, will use the money to scale up production of its permanent magnet generators for wind turbines. The company’s existing investors, which include Khosla Ventures, CMEA Capital, GE Energy Financial Services, and Energy Capital Management, are all participating in the Series B round though Danotek may add a new investor, chief financial officer Frank Alex says. Founded in 2001 by three former General Electric engineers, Danotek in recent years has made a big push into wind power. The startup claims its technology, which generates electricity from a constant magnetic field, can help manufacturers design efficient, lightweight, and less expensive wind turbines. Danotek used much of the $16.25 million it raised in its Series A round to move from Ann Arbor to Canton Township, where it built its headquarters and production facility. As of the first quarter of this year, the company has about a $50 million backlog in orders, says CEO Don Naab. The company’s customers include major turbine makers like General Electric, Clipper, DeWind (a unit of Daewoo), and WinWinD in Finland. Naab expects the facility to hit full production in 2012.

Loading Energy Capital Management collaborators
Loading Energy Capital Management collaborators