CIC Partners Announces Investment in Pogo Oil & Gas, LLC
July 25, 2017 – Dallas, TX: CIC Partners ("CIC"), a Dallas-based private equity firm, is pleased to announce the formation of Pogo Oil & Gas, LLC ("Pogo" or the "Company"). Pogo was formed in partnership with Kirk Pogoloff and equity backing by CIC IV, LP to acquire and exploit producing oil and gas properties, with a primary focus on properties in Lea and Eddy County, New Mexico.
Pogo is overseen by a seasoned management team. Founder & CEO Kirk Pogoloff brings a long track record in the industry including roles as a co-founder of three prior private equity backed ventures in oil and gas. Kirk will be supported by CFO Jack Denman, an executive with significant experience growing and developing multiple service and midstream companies.
"We are going to build an exceptional portfolio of oil and gas assets," said Kirk Pogoloff. "I am encouraged to have the backing of an experienced partner like CIC to help this team execute on the current market opportunity."
Pogo presently operates over 100 wells on over 8,500 gross acres in Lea and Eddy County New Mexico, and is actively bidding on additional properties. The Company's initial Board of Directors includes Kirk Pogoloff and three members of CIC's investment team: Marshall Payne, Chris Cowan, and Bayard Friedman.
"I have known and respected Kirk for a long time and am grateful to be partnering with him to build up Pogo" remarked Chris Cowan, CIC Sector Partner. Bayard Friedman, CIC Principal added, "Kirk's track record of identifying, acquiring, and optimizing producing fields with substantial upside got us excited about this opportunity."
Marshall Payne, Partner at CIC noted, "CIC's investment strategy of backing proven operators capable of developing reserves at low finding costs aligned well with Kirk's vision for Pogo. We are excited to have Pogo Oil & Gas, LLC as our first portfolio company of our newest fund, CIC IV, LP."
About CIC Partners
CIC Partners is a middle-market private equity firm that invests in growth-oriented companies primarily in the food, restaurant, and energy industries. CIC manages the personal capital of its investment team, operating partners and strategic investors and seeks to partner with owner-operators, founders and management teams. CIC looks for opportunities where it can leverage the collective experience of its investment team and its operating partners, who are successful CEOs and entrepreneurs, to guide, support and add value to portfolio companies. Based in Dallas, Texas, the firm has been generating wealth in private-equity investing for its investors and management teams for over 25 years. For additional information, please visit www.cicpartners.com.
About Pogo Oil & Gas, LLC
Pogo Oil & Gas, LLC is an independent oil and gas company which focuses on the acquisition, development and exploitation of operated and producing oil and natural gas properties in the Permian Basin. With offices in Dallas, TX and Hobbs, NM, the company's management comprises industry experts with many decades of operational experience at both major oil and gas companies and smaller, entrepreneurial ventures.