Laredo Energy $130M for drilling headed to Brazos County

BRAZOS, BURLESON, ROBERTSON COUNTIES – Laredo Energy has landed $130 million in private equity funding to cover its Texas drilling efforts, according to the Houston Company. The money is coming from Avista Capital Partners and Liberty Energy Holdings, which is managed by Old Ironsides Energy LLC.

It plans to add an oil-drilling program focused on the Eaglebine play in East Central Texas as it continues to drill for gas in South Texas.

Its Eaglebine program will focus on Brazos, Burleson and Robertson counties.

Its South Texas operations are focused in Webb County, where it has drilled 86 successful horizontal wells in the county’s stacked pay zones, including 27 in the Eagle Ford Shale, 43 in the Escondido formation, 13 in the Olmos, two in the Austin Chalk and one in the San Miguel formation.

Laredo Energy has drilled more than 200 natural gas wells in South Texas since its formation in 2001.