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Brigham execs start Luxe Energy with eye for Permian buys

        Two alumni of Burlington Resources and Brigham Exploration have left Statoil (which acquired Brigham for $4.7 billion in 2011) to start their own company focused initially on unconventional resources in West Texas. Based in Austin, Luxe Energy is being funded by $500 million in commitments from Natural Gas Partners (via its NGP Natural Resources XI fund) and management and is now on the hunt for Permian acquisitions.
        Luxe is founded by CEO Lance Langford and COO Jeff Larson, who have worked together for over 24 years, most recently as SVP and VP at Statoil. They guided Brigham’s entry into the Bakken and continued to manage operational growth in that play at Statoil.
        “With the slowdown in the industry, we see an opportunity,” Langford said in an interview with the Midland Reporter-Telegram, adding that Luxe may leverage management’s shale expertise to help other Permian producers develop their assets or transition from vertical to horizontal development. While the company will consider JVs, he said, “We like to be the driver.”
May enter JVs to help producers switch from vertical to horizontal drilling.

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