HOUSTON (WO) — 406 Energy Holdings, LLC has launched with an equity commitment from NGP Natural Resources XIII, L.P., as the newly formed company sets its sights on developing U.S. upstream oil and gas assets.
The venture was founded by Mark Graeve, Tom Kastens, Josh Sigler, and Eric Matus, who previously worked together at XCL Resources, where they helped build Utah’s largest oil producer.
“NGP is excited to partner with 406 Energy,” said Patrick McWilliams, Partner at NGP. “The founders bring a combination of leading-edge reservoir characterization and data analytics, which, when combined, provide differentiated insights that are highly investable. The technical and operating capabilities at 406 are only surpassed by the team’s character and winning culture. We look forward to supporting the 406 team as they build a durable, high-return upstream platform.”
Graeve added, “We are proud to partner with NGP to build an upstream business aligned with a common vision. We are grateful to NGP for this opportunity and all our former colleagues and field personnel whose hard work advanced the industry leading teams we have been part of.”
406 Energy said it plans to pursue growth through disciplined investment and operational efficiency in oil and gas development.
