Natural Gas Partners Announces Sale of Bravo Natural Resources Inc.

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Natural Gas Partners Announces Sale of Bravo Natural Resources Inc.

IRVING, TEXAS, Aug. 11 -/E-Wire/Business Wire/-- Natural Gas Partners announced today the closing of another portfolio company sale, Bravo Natural Resources Inc. of Tulsa, OK, for approximately $335 million. Bravo is the sixth company sold by NGP in 2004. The buyer was a large publicly-traded independent producer.

Bravo was a start-up company formed by Charles R. Stephenson and John H. Hale in early 2003. Using equity growth capital provided by NGP, Bravo launched a successful drilling program in western Oklahoma and the Texas panhandle that ultimately covered a leasehold position of 20,000 net acres.

"This was the second time NGP has backed Charlie and John under the Bravo name and they did a phenomenal job," said Kenneth A. Hersh, Managing Partner of NGP. "They generated the highest rate of return ever posted by one of our portfolio companies even though commodity prices were very high when they began operations."

About Natural Gas Partners

Natural Gas Partners is a leading private equity capital source for the energy industry. Founded in 1988, NGP is the oldest energy capital provider focused on the North American oil and natural gas production sector. Through its family of seven institutionally-backed investment funds, NGP has sponsored over 70 portfolio companies and has controlled invested capital and additional commitments totaling $1.6 billion. Over its sixteen years of activity, NGP has employed a durable investment strategy in which success is not dependent on favorable movements in oil and natural gas prices. NGP's portfolio companies are also active in the oil service and natural gas midstream industries. The amount of capital directly managed by NGP plus its array of contacts in the institutional investor community allow the firm to consider any size of financial transaction.

Natural Gas Partners

Kenneth A. Hersh, [REDACTED-PHONE], [REDACTED-EMAIL]

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