Sheridan Production Partners has raised $1.8bn of equity commitments through its second fund, Sheridan Production Partners II, to continue to implement its strategy of funding the acquisition of onshore producing oil and gas properties in the US.
The company said that the private offering of limited partner interests in Sheridan Production Partners II was oversubscribed and reached its hard cap.
Sheridan has raised over $3bn in equity through private placements of two investment vehicles since its formation in 2006.
Sheridan's founder and CEO Lisa Stewart said that the company intends to use the second fund, combined with leverage, to acquire mature producing properties to complement Sheridan's existing operations in Oklahoma, Texas and New Mexico.
"We also will look to expand our footprint to East Texas, Louisiana and the Rocky Mountain region," Stewart said.
Sheridan Production Partners II is under common management with Sheridan Production Partners I, the initial series of oil and gas partnerships established in 2007 with a similar investment strategy.
Sheridan I has made five acquisitions for an aggregate purchase price of $1.6bn utilizing a combination of equity commitments and debt financing.
Sheridan I has now invested approximately 80% of its original commitments.