(Press Release) (Press Release) Citla Energy, an independent oil and gas company with offices in Mexico City and Houston, Texas, announced that it has partnered with affiliates of ACON Investments to actively explore opportunities to participate in the opening of the Mexican energy sector, with a focus on exploration and production (“E&P”) activities.
In supporting Citla, ACON brings its extensive experience as an oil and gas investor in the U.S. and Latin America, including offshore exploration, development and production in the Gulf of Mexico; onshore acquisitions and operations of multiple fields in the continental United States, primarily in Texas, Louisiana, Oklahoma and Mississippi, as well as onshore exploration and production in Colombia. Citla’s management team will contribute its extensive business development and operating experience in the energy sector in Mexico.
“We look forward to working with Citla in analyzing the significant opportunities that we expect will arise in the context of Mexico’s energy reform and currently low oil prices; Mexico has large potential in certain types of fields and enjoys relatively low upstream costs,” said Jorge Dickens, Managing Partner at ACON. Mauricio Cortés, a Director in ACON’s Mexico City office commented, “With ACON’s support, Citla seeks to pursue a flexible and opportunistic strategy to build and manage a diversified asset portfolio, including participation in onshore and offshore fields, both as an operator as well as a valueadded partner.”
Founded in 1996, ACON manages several private equity funds focused both in the U.S. and Latin America, and is also manager of publicly traded trust certificates in Mexico (“Certificados de Capital de Desarrollo” or “CKD”) which includes some of the country’s largest pension funds as its investors. Alejandro Murphy, EVP of Citla said “ACON’s sponsorship will be instrumental for Citla to become a leading a player in the country’s emerging oil and gas industry. We welcome the opportunity to work with its experienced team of professionals in this effort.”