CALGARY, Canada and NEW YORK, June 5, 2012 /PRNewswire via COMTEX/ --
West Valley Energy Corp. ("West Valley" or the "Company") today
announced a new private oil and gas company formed to capture and
develop scalable resource plays in Alberta backed by Warburg Pincus, a
global private equity firm focused on growth investing, and Kayne
Anderson Energy Funds ("Kayne Anderson"), an energy-focused private
equity firm. The Company will identify new or emerging oil projects
with the potential for value creation through field extension and
improved recovery.
West Valley is led by Chief Executive Officer (CEO) Amar Pandila, Chief
Operating Officer (COO) Shaun James and Chief Financial Officer (CFO)
Travis Beatty. Mr. Pandila is an experienced executive with more than
two decades of industry experience who previously was a founder and
served as head of corporate development at Monterey Exploration. Mr.
James joined the Company from Caltex Energy where he was a founder and
head of engineering and operations. Mr. Beatty was previously the CFO
of OPTI Canada where he led several strategic capital markets
transactions.
The Company's independent directors include Lanny Fenwick, an
experienced oil and gas executive who was most recently Senior Vice
President and General Manager of EOG Resources Canada Inc.; Mike Graham
who was most recently the Executive Vice President and President of
EnCana Corporation's Canadian division until February 2012; John Brussa,
partner and head of the tax department at Burnet, Duckworth &
Palmer and the director of a number of private and public companies; and
Mike Kohut, the CFO of Trilogy Energy. Representatives from Warburg
Pincus and Kayne Anderson will also hold Board seats.
Amar Pandila, CEO, West Valley commented, "We are excited to have
attracted financial partners Warburg Pincus and Kayne Anderson that
possess extensive industry experience and market credibility. With our
people, our strategic plan and strong financial support, we are well
positioned to develop and grow our business."
David Krieger, Managing Director, Warburg Pincus said, "We are pleased
to partner with Amar, Shaun, Travis and their seasoned management team,
and look forward to working with the Company as it explores for and
develops oil and gas resources in western Canada."
Danny Weingeist, Managing Partner, Kayne Anderson said, "We are thrilled
to support the West Valley team in their new venture. They bring a
depth of talent across all disciplines as well as a deep network of
relationships in the industry. We look forward to working with Amar,
Shaun and Travis for many years to come."
Warburg Pincus' investment in West Valley brings to seven the total
number of Canadian energy companies currently in its portfolio, which
also includes Black Swan Energy, Canbriam Energy, Endurance Energy, MEG
Energy, Osum Oil Sands and Velvet Energy.
About West Valley EnergyWest Valley Energy Corp. is a private oil and
gas company formed to capture and develop scalable resource plays in
Alberta, Canada. The Company's focus is to identify new or emerging oil
projects with the potential for value creation through field extension
and improved recovery. The Company is led by CEO Amar Pandila, COO
Shaun James and CFO Travis Beatty.
About Warburg PincusWarburg Pincus LLC is a leading global private
equity firm focused on growth investing. The firm has more than $35
billion in assets under management. Its active portfolio of more than
130 companies is highly diversified by stage, sector and geography.
Warburg Pincus is an experienced partner to management teams seeking to
build durable companies with sustainable value. Founded in 1966, Warburg
Pincus has raised 13 private equity funds, which have invested more
than $40 billion in over 650 companies in more than 30 countries.
For more than two decades, the firm's energy group has provided over $6
billion of equity for companies around the world involved in oil and gas
exploration and production, midstream, power generation, oilfield
technology and related-services, and alternative energy development.
Warburg Pincus has been the lead investor in several dozen energy
companies including Antero Resources, Bill Barrett Corporation, Encore
Acquisition Company, ElectroMagnetic GeoServices, Kosmos Energy, Laredo
Petroleum, Newfield Exploration, Spinnaker Exploration and Targa
Resources.
The firm is headquartered in New York with offices in Amsterdam,
Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mauritius, Mumbai,
San Francisco, São Paulo and Shanghai. For more information, please
visit
www.warburgpincus.com .
About Kayne AndersonEstablished in 1984, Kayne Anderson Capital Advisors
is a leading financial management firm with over $15 billion in assets
under management. The firm pursues alternative investment niches that
offer attractive and sustainable returns with moderate levels of risk.
Kayne Anderson's separately dedicated investment teams focus on
generating returns across a variety of strategies, including energy
private equity, publicly-traded master limited partnerships, growth
private equity, niche real estate and mezzanine financing.
Through Kayne Anderson Energy Funds, the firm manages over $3.1 billion
of committed capital dedicated to private equity investments in
primarily upstream oil and gas companies. Currently, the firm has over
35 active portfolio companies focused on the acquisition and development
of upstream oil and gas assets across North America.
The firm is headquartered in Los Angeles with offices in Chicago,
Denver, Houston and New York. For more information, please visit
www.kaynecapital.com .
Contact Information:
For West Valley EnergyAmar Pandila President and Chief Executive OfficerorTravis BeattyVP Finance and Chief Financial Officer
403.453.1929
www.wvecorp.com
For Warburg PincusEd Trissel Vice President, Communications212.878.9288
For Kayne AndersonDanny WeingeistManaging Partner713.655.7351
SOURCE West Valley Energy Corp.
http://www.marketwatch.com/story/west-valley-energy-announces-formation-of-new-oil-and-gas-exploration-and-production-company-2012-06-05
