Sage Butte Energy is a Houston-based oil and gas exploration and production company and an upstream portfolio company of Pan Management. With an objective of building and operating a large-scale portfolio of producing wells and drilling locations in the U.S., Sage Butte Energy is committed to fostering growth and unlocking the value of oil and gas assets, and recently acquired Northwoods Management Company and certain related entities owning highly productive assets located in the Powder River Basin. Sage Butte Energy Holdings is not related to One Rock Capital Partners.

Pan Capital Management LP, a Houston-based trader of natural gas futures and options, has expanded its portfolio to include infrastructure investments by launching a platform—Pan Midstream—to pursue investments in the natural gas storage, transportation, as well as gas gathering and processing infrastructure. Asset Acquisition – Successfully invested in Midstream and Upstream companies in the oil & gas industry.• Implemented equity funding to establish Pan Capital as the primary investor in Trinity Gas Storage kicking off a $189 million green-field project to develop natural gas storage in East Texas. The new facility will offer approximately 24 billion cubic feet of natural gas storage capacity in the initial phase of the project.• Led commodity marketing evaluation supporting the acquisition of Northwoods Management Company’s highly productive assets located in the Powder River Basin. This acquisition encompassed over 160,000 predominantly contiguous net acres of leasehold interests in Converse, Campbell and Johnson Counties in Wyoming, producing approximately five thousand barrels of oil equivalent.

Asset Optimization - Drove value improvement across operations, including increasing asset profitability and implementing business strategies. Achieved positive financial turn-around of western Midcontinent facilities.• Drove divestiture of Rock Creek plant and gathering system, including project due diligence, financial analysis, quantification of value creation and implementation, and deal close out.• Strategized and executed financial turn-around of Panhandle Supersystem, consolidated Sherman County gas processing facility and divested two non-core midstream facilities.• Led cross-functional divestiture team, transitioning management of facilities, closing-out legal requirements, resolving disputes, and finalizing accounting settlement of complex contracts.

Delaware Basin - Directed financial accountability for 850 MMcfd processing capacity, $100+M EBITDA midstream asset, including asset development, strategic planning, customer relationships, contract negotiations, project development, economic analysis, and capital justification.• Led asset development activities including new facility construction, increasing gas processing capacity by 320 MMcfd and gas treating capacity by 2,420 gpm (including three acid gas injection facilities).• Facilitated preparation of economic models to analyze commercial opportunities.• Cultivated producer relationships with utmost ethics acumen, reporting to executive management on all commercial matters and asset financial performance.• Optimized portfolio through restructuring / extending / expanding / replacing existing contracts.• Implemented risk management strategies, insulating profitability from unexpected threat.