The predecessor of Crimson Energy Partners III, L.L.C., Crimson Energy Company L.P., was founded in 1998 by President, Frank F. Starr II, and Vice President, Jacob (Tripp) Rivers III, with the objective of building a private, independent oil and gas company focused on core areas in which the principals had significant experience. The focus for growth was predominately in South Texas where the principals have an average of 15 plus years of experience. The original company was built through acquisitions and development drilling to over 160 BCFE of proved reserves. The assets of Crimson Energy Company, L.P. were sold in 2004 which resulted in a return on investment exceeding 40%.
Crimson Energy Partners, L.P. (“Crimson II”) began operations in April 2005 with funding from EnCap Investments L.P. and implemented a drilling strategy similar to its predecessor for development of its asset base. In September 2008, Crimson II sold assets from 5,140 acres of its then South Texas leasehold which resulted in a property level return on investment exceeding 40%.
In October 2009, Crimson Energy Partners III, L.L.C. with funding from SW Capital Partners implemented its current drilling strategy focused on its acreage in East Texas. To date, Crimson has drilled eleven wells in Brazos County, Texas and plans to continue the development of its acreage position with a focus on oil rich targets.