Everest Energy Partners: Two 24-year-old Energy Entrepreneurs Built and Sold Multi-Million Dollar Energy Company

Everest Energy Partners was successfully divested in Q3 of 2021 to a private equity-backed oil and gas company out of New York City for an undisclosed price.

Everest Energy Partners (EEP) is an energy company focused on acquiring and redeveloping conventional and unconventional oil & gas assets across the continental United States with capital discipline, operational efficiency, and ESG standards.

The growth-oriented energy company has acquired and operated over 100 oil and gas wells across 10,000 acres in Texas while holding non-operated positions in the Permian, Arkoma, and Uinta Basins in fund one—called Everest Energy Partners I (EEP 1).

The two co-founders, Sandesh Karki (CEO) and Syed Taiyab (President) were prompted by the intriguing idea of how the oil & gas industry worked, not just in a technical sense but also in a financial and operational facet. It is after graduation, both the energy entrepreneurs decided to take a sharp shift pivoting toward lower risk Proved Developed Producing (PDP) oil & gas assets.

The idea was instead of drilling new wells, they would buy oil & gas wells that are already producing at attractive price points and reoptimize the assets to increase production. This business model was a lot more attractive to their investors as it mitigated development risk and ensured cash flow from day one. Their value add is their ability to source, negotiate, and transact at attractive price points while marrying capital to deals.

In early February 2020, EEP managed to acquire funds from two founding investors, one of which is a Houston-based investor and another is an angel investor that led them to kickstart their business plan.

By summer 2021, the global demand for oil and gas recovered a lot faster than expected due to successful COVID vaccination results and this has led to commodity prices rapidly rebounding. The price of oil kept increasing and was headed towards $70/bbl. Natural gas was flirting with a $5/mcf price point which allowed EEP value to grow significantly with increasing prices.

The co-founders originally planned to hold the portfolio of assets for a 5-year window with the intention to then sell to a larger producer who wanted a bolt-on acquisition. However, the strong rebound in prices and markets hitting 5-year all-time highs drove them to find a buyer which is a private equity-backed oil and gas company out of New York City.

Up and coming, the energy firm is in the midst of raising capital for their second energy fund (EEP II) which they hope to close on raising $100 million by Q2 2022.

For more information on the rising energy company, please visit https://everestenergypartners.com/.

About Everest Energy Partners

Everest Energy Partners was founded by two energy entrepreneurs, Sandesh Karki (CEO) and Syed Taiyab (President) who both were studying petroleum engineering together at Texas A&M University. After countless hours of dedicated hard work, while balancing field life with office life, the two co-founders managed to acquire and operate over 100 oil and gas wells across 10,000 acres in Texas while holding non-operated positions in the Permian, Arkoma, and Uinta Basins in fund one. They hope to inspire future generations to think out of the box and to build companies that bring value to stakeholders. Everest Energy Partners is currently engaged in acquiring and redeveloping low-risk producing oil and natural gas assets across the Lower 48 with capital discipline and ESG standards.

Contact Info:
Name: Michael Curtis
Email: Send Email
Organization: Everest Energy Partners
Phone: 214-701-0118
Website: https://everestenergypartners.com/

Release ID: 89057121