EnVen Energy Corporation, a company that is engaged in exploration and production in deepwater Gulf of Mexico, has filed for an Initial Public Offering (IPO). The company has its head office in downtown Houston.
The company was formed in July 2014 with backing from Bain Capital. The company was primarily built on two acquisitions. In December 2015 the company acquired the Lobster and Pretronius assets from Marathon for $105 million and one year later, it paid Shell $239 million for the Brutus and Glider properties.
For the 12 months ending June 30, 2018, the company had revenue of $524 million. It produces 29,000 barrels of oil equivalent (boe) per day and has 56 million boe proved reserves.
The IPO states that the company is planning to raise $100 million, though that number is a placeholder. It is planning to use the proceeds, primarily, to repay its $325 million senior loan notes (11%) that it issued in February 2018.
The CEO since the company was formed is Steven Weyel. He was the COO of Energy XXI from 2005-2010. The CFO is John Wilkirson who was the CFO of Cobalt International from 2010-2015.
Citigroup, JP Morgan, Stifel and BMO Capital Markets are the underwriters.
If the company completes its IPO it would be the first Houston-area E&P company to go public in 18 months.