November 05, 2009 10:07 AM Eastern Standard Time

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HOUSTON--(BUSINESS WIRE)--TPH Partners, L.P., a middle market energy private equity fund, announced the formation of Storm Peak Energy, LLC, a Midland, Texas-based company focused on the acquisition and development of oil and gas properties in the Permian Basin. The company is headed by seasoned Permian Basin operators, David Cox, 48, who serves as President and lead reservoir engineer; Bill Coggin, 55, as CFO; and Mark Ellerbe, 49, is VP of Operations. Cox and Ellerbe have worked in the area for approximately 25 years, both together at Mobil Oil as well as separately for other private-equity backed companies. TPH Partners owns a majority of the company and will contribute at the Board of Directors’ level.

“We are very pleased to be partnering with this high quality Midland-based team in its effort to build a new company. David, Bill and Mark have spent essentially their entire careers in the Basin and have demonstrated an ability to create value.”

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“The Permian Basin offers an excellent opportunity set for operators with the right expertise and relationships,” said Joe B. Foster, Chairman of TPH Partners. “We are very pleased to be partnering with this high quality Midland-based team in its effort to build a new company. David, Bill and Mark have spent essentially their entire careers in the Basin and have demonstrated an ability to create value.”

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As its first operating activity, Storm Peak is partnering with another established operator on the exploitation of an acreage block in one of the Basin’s horizontal oil plays.

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Storm Peak Energy is headquartered in Midland, Texas.