Coronado Resources, LLC announced a few weeks ago that it has received equity funding commitments of $80.8 million from an investment group led by Greenhill Capital Partners, LLC and Lime Rock Partners. Coronado is a private oil and gas company based in Tulsa focused on the development of natural gas resources in unconventional reservoirs, primarily coal bed methane, tight gas sands, and shales in the mid-continent and eastern United States.

Coronado was founded in 2004 by Mark Wilson and John Coates. Mr. Wilson, President and CEO of Coronado, was previously Senior Vice President, Corporate Development and Planning of The Williams Companies where he oversaw $10 billion in acquisitions and divestitures and played a key role in developing and executing the strategy that permitted Williams to emerge from its liquidity crisis in 2002. Mr. Coates, Executive Vice President of Coronado, was previously Executive Vice President and co-founder of Patrick Energy Group where he developed several successful unconventional gas plays. Prior to his tenure at Patrick, he served as Director, Eastern Region at MCNIC Oil and Gas, where he was responsible for a 900 billion cubic foot unconventional gas portfolio. Mr. Coates has been an unconventional reservoir specialist for 20 years.

At the closing, Mr. Wilson, said, “All the success John and I have enjoyed to date has prepared us for this day. We couldn’t be more pleased to have secured the backing of such experienced and supportive financial sponsors. Their capital and the expertise of our outstanding team will allow us to pursue new prospects and dramatically accelerate development on the projects we have identified to date.”

Jonathan Farber, Managing Director of Lime Rock Partners, added, “Lime Rock has been extensively involved in unconventional resource investing since its first investment in 1998. We continue to believe that the development of these resources is necessary to meet the energy demands of the United States. Lime Rock is excited to be backing the Coronado team as it puts its considerable experience to work to create value for our investors.”

Greenhill Capital Managing Director V. Frank Pottow noted, “We have already successfully realized two unconventional reservoir investments this year, and the area continues to be an important investment theme for our funds. Coronado’s focus on unconventional gas resource plays, Mark’s larger transaction and business management expertise, and John’s considerable experience in the Mid-Continent and Eastern United States make this a perfect complement to our existing energy portfolio.”

Lime Rock is a private equity firm with over $1.3 billion under management dedicated to investing in energy companies with high growth potential. Lime Rock Partners targets growth equity investments in conventional oil service, oil service technology, and exploration and production and processing companies.