Pace Energy

EnerVest and Pace Energy Partnership to create Magnolia Oil & Gas Corporation

TPG Pace Energy Holdings (“TPGE”) is a special purpose acquisition company formed by TPG for the purpose of entering into a merger, stock purchase, or similar business combination with one or more businesses. Our management team is led by Stephen Chazen, who began his career at Occidental Petroleum Corporation in 1994 and retired as Chief Executive Officer in 2016. We expect to focus our search for a target business in energy or energy related industries. The strategy of TPG Pace Energy Holdings is to identify and acquire businesses that are better suited to generate strong returns in a public market environment while benefitting from the operational expertise of TPG and Mr. Chazen.

On March 20, 2018, TPGE entered into definitive agreements with certain funds managed by EnerVest, Ltd (“EnerVest”) to acquire the oil and gas assets within EnerVest’s South Texas Division for approximately $2.66 billion in cash and stock. As part of the transaction, TPGE and EnerVest are partnering to create Magnolia Oil & Gas Corporation (“Magnolia”).

On July 31, 2018, the transaction closed and Magnolia (NYSE:MGY) became a publicly traded oil and gas exploration and production company with South Texas operations in the core of the Eagle Ford. Magnolia will focus on generating value for shareholders through steady production growth and free cash flow.