News & Insights

Plano Petroleum Wins Industry Award, Announces New Joint Venture with Terrace Petroleum

May 29, 2013

HOUSTON–(BUSINESS WIRE)–Last graph should read: For more information on Kayne Anderson Energy Funds, please contact either Mike Heinz, Partner, at (713) 655-7352 or Chuck Yates, Partner, at (713) 655-7354 (sted For more information on Kayne Anderson Energy Funds, please contact either Mike Heinz, Partner, at (713) 493-7352 or Chuck Yates, Partner, at (713) 493-7354)

The corrected release reads:

Plano Petroleum, LLC (“Plano”) has been selected by Oil and Gas Investor magazine to receive an “Excellence Award” for Best Field Rejuvenation related to their use of “a smart combination of unconventional mapping parameters, experimental well completion designs, and the latest horizontal drilling methods to define a significant oil resource in the Marmaton reservoir in the Anadarko Basin of western Oklahoma.” Plano, an investment portfolio company of Kayne Anderson Energy Funds (“Kayne Anderson”), validated more than 100 horizontal well locations on its lease block in a field that had previously been deemed uneconomic. Plano will be recognized for this award at Hart Energy’s “Energy Capital Conference” to be held June 17-18, 2013 in Houston, Texas.

Cory Richards, Plano’s Chairman and CEO, said, “We are honored to receive this award, and it wouldn’t have been possible without the ingenuity and dedication from the entire Plano team.”

Mike Heinz, Partner at Kayne Anderson, said, “This award is a testament to Plano’s technical expertise and strong track record in the Anadarko Basin. Plano was able to successfully identify the core position of one of the most economic plays in North America.”

Following the successful divestment of its Marmaton assets in December 2012, the Plano team has joined forces with Midland-based Terrace Petroleum Corporation (“Terrace”) to create PT Petroleum, LLC (“PT Petroleum”). PT Petroleum will focus on the acquisition and development of oil and natural gas properties with identifiable exploitation and development upside in the Permian Basin and Midcontinent regions. PT Petroleum is an investment portfolio company of Kayne Anderson with an initial equity commitment of $200 million from Kayne Anderson Energy Fund VI and management.

Chuck Yates, Partner at Kayne Anderson, stated, “We are excited about the opportunity to partner again with the Plano team, as well as the addition of Terrace, a proven management team with a history of success in the Permian Basin.”

Cory Richards will serve as PT Petroleum’s CEO. Earl Michie, Terrace’s President and CEO, will serve as Chairman of PT Petroleum. Michie commented, “Terrace’s relationship with Plano goes back many years. We are pleased to combine our Permian Basin expertise with Plano’s proven technical strength, and the successful track record of Kayne Anderson.”