April 26, 2018 - Dallas, TX: CIC Partners ("CIC"), a Dallas-based private equity firm, is pleased to announce the formation of RMX Resources, LLC ("RMX" or the "Company"). RMX is an independent oil and gas company focused on developing conventional fields across California. Their current properties include Los Angeles Basin assets procured through a partnership with Royale Energy (OTCQB: ROYL).
RMX will be controlled by CIC and overseen by a seasoned management team. CEO Jonathan Gregory has spent over twenty years in the oil and gas industry including roles as CEO of Royale Energy, CFO of Americo Energy Resources and EVP at Texas Capital Bank. Jonathan will be supported by Johnny Jordan, an executive with a petroleum engineering background and extensive operational experience throughout California.
The Company's principal property - Sansinena Field - is located within the cities of Whittier and La Habra Heights. The field was discovered in the 1940s and developed over the subsequent decades. RMX seeks to leverage new technology and insights to increase production across the field without making any meaningful changes to the environment in and around the field.
"We are very pleased to have found a partner in CIC that shares our core values and strategic vision for the company," said Jonathan Gregory, CEO of RMX. "This partnership will financially and strategically position RMX to fully realize the potential of these properties."
As part of this transaction, Chris Cowan, Bayard Friedman and Marshall Payne will join the Company's board along with Jonathan Gregory and Johnny Jordan.
"I previously worked with Jonathan at Texas Capital Bank and am excited to be partnering with him again to build up RMX" remarked Chris Cowan, CIC Sector Partner. "Under Jonathan's leadership RMX is well positioned to grow into one of the premier oil and gas companies in California."
CIC Partners Principal, Bayard Friedman, remarked, "We were particularly drawn to this opportunity because of the potential to develop long-lived reserves with low finding and development costs. We look forward to working with a highly talented management team to expand the business."
Marshall Payne, Partner at CIC noted, "This investment is aligned with CIC's strategy of uncovering oil and gas assets generally overlooked by the industry. We are looking forward to partnering with the team to provide both capital and industry expertise to help accelerate RMX's growth."
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 RMX Resources
RMX Resources is an independent oil and gas company which focuses on the acquisition, development and exploitation of properties in California. Currently, the company owns and operates oil and natural gas producing fields in the Los Angeles Basin. RMX Resources couples a talented management team with a proven track record of exploiting reserves with CIC's strategic and investment capabilities.