Garrison Energy Announces Launch and Targets Permian Basin for Oil and Gas Exploration and Development

• Founders of Stronghold Energy II pursue new oil and gas exploration and development opportunities in West Texas.
• Company received $500 million line of equity financing from an institutional investor.

MIDLAND, Texas, May 22, 2023 /PRNewswire/ -- Garrison Energy Holdings ("Garrison" or "the Company"), an oil and gas exploration and production company based in Midland, TX, announced today its launch and ongoing pursuit of acquisition opportunities focused on the Permian Basin following a $500 million line of equity financing from an institutional investor and the Company's management team and employees.

Garrison intends to develop a scaled oil and gas exploration and production company by acquiring assets in the Permian Basin. It is interested in evaluating opportunities in the Delaware Basin, Central Basin Platform, Midland Basin, and Northwest Shelf. The Company is targeting assets with a significant inventory of horizontal locations, vertical locations, or recompletion opportunities.

Garrison was founded and is led by Executive Chairman Steve Weatherl and his son, CEO Caleb Weatherl, who together spearheaded the successful development of Stronghold Energy II and the sale of its assets to Ring Energy in August 2022. They are joined by an experienced senior team with a significant track record in the Permian Basin: EVP of Reservoir Engineering & Corporate Development, Matt Holland; SVP of Land, Drew Hendricks; SVP of Exploration, Josh Russo; SVP of Completions, Lee Martin; SVP of Accounting & Administration, Misty Andrews; VP of Drilling, Rafael Madrid; and VP of Finance, Will Regan.

"Our team has built our careers on our understanding and familiarity with the Permian Basin, which continues to prove to be the most prolific oil and natural gas-producing region in the United States," said Steve Weatherl. "There is an abundance of opportunity in the region, and we are already evaluating deals ranging from as small as a section with high quality inventory to as large as upwards of one billion dollars, given our investor's ability to add additional equity capital for the right opportunity."

"With decades of experience in the region and a track record of bringing value forward for assets of all sizes, we are excited to connect with the opportunities available in the Permian Basin — whether those are horizontal or vertical drilling locations or recompletions," added Caleb Weatherl.

About Garrison Energy Holdings
Garrison Energy Holdings is an oil and gas exploration and production company based in Midland, TX, focused on the Permian Basin. The Company is actively pursuing acquisition opportunities across the Delaware Basin, Central Basin Platform, Midland Basin, and Northwest Shelf. Garrison is led by father-and-son duo Steve and Caleb Weatherl, who previously founded and led Stronghold Energy II until its sale to Ring Energy in 2022. For more information, visit: garrisonenergy.com.

Media Contact:
Prosek Partners
GarrisonEnergy@Prosek.com

Opportunity Contact:
Garrison Energy Holdings LLC
Drew Hendricks
SVP of Land
432-316-2335

SOURCE Garrison Energy Holdings

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