Meritage Energy Partners, LLC
("MECO I") was formed in 2001 and sold to a private
oil & gas concern in January, 2006. MECO I was
capitalized with investments by Mr. Corley, Mr. Winegrad
and Quantum Energy Partners, Fund I. Wells Fargo,
N.A. was MEP's senior lender. MECO I was focused
in Wyoming and Colorado and was an acquire and exploit
strategy. Its assets were mature oil fields.
MECO II was formed in 2006 by Mr.
Corley and Mr. Winegrad. In addition to their
investment, the initial equity capitalization was
provided by Wells Fargo, N.A. and several high net worth
individuals, the majority of whom are or were involved
in the oil & gas industry, having built successful
companies themselves. MECO II was built with a
combination of acquisitions and "bolt on" lease
acquisitions. The primary area of focus was the
Wolfberry play in the Midland Basin of West Texas.
MECO II's assets were sold to Berry Petroleum in 2010
for $126 million.
III was formed in 2010 after the sale of MECO II's
assets to Berry Petroleum. MECO III was seeded
with approximately 3,000 acres that were acquired by
MECO II but excluded from the sale. All of the
investors in MECO II are investors in MECO III.
MECO III is focused exclusively on the Wolfberry Play.