Development Capital Resources Announces $165 Million Development Joint Venture in the Permian Basin
Ares Management Corporation Class A (ARES)
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Source: Business Wire
Backed by funds managed by Ares Management Corporation LOS ANGELES & HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)-- Development Capital Resources, LLC (DCR) announced today that a DCR-managed subsidiary, capitalized by funds managed by affiliates of Ares Management Corporation (NYSE:ARES), has entered into a drilling and development joint venture with a private operator in the Permian Basin. The DCR-managed entity will invest up to $165 million in the joint venture and will participate as a working interest owner in the drilling and completion of identified drilling locations in the Permian’s Wolfcamp formation. The drilling program has commenced, and it is anticipated to continue through 2020. This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20190619005206/en/ “This transaction represents a continuation of our strategy of participating in energy sector
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