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Ares Management forms oil and gas company

Ares Management LP has formed Development Capital Resources, an oil and gas company, to provide development capital to North American exploration and production operators.

The company has also entered into a $300 million drilling partnership with Endeavor Energy Resources, a Texas-based operator with expertise in the development of Wolfcamp horizontal wells. The company's working interest will decrease during the operations of the drilling joint venture once it gets an agreed upon return.

Further, Development Capital Resources will provide approximately $150 million to a non-Permian operator in a joint drilling venture.

Development Capital Resources will be led by Ronnie Scott and Matt Loreman and backed by funds managed by Ares Management.