Triangle Petroleum Corp. said it's selling its RockPile Energy Services subsidiary to a Houston/New York-based energy-focused private equity firm.
Denver-based Triangle Petroleum (NYSE: TPLM) said White Deer Energy is buying the subsidiary for an undisclosed sum.
Triangle spun off RockPile Energy — its hydraulic fracking unit — back in May in the wake of low energy prices.
"This is an exciting day for everyone at RockPile. When we started the process of identifying a new capital partner, I could not have imagined a better outcome than teaming up with White Deer Energy," said Curt Dacar, CEO of RockPile, in a statement.
White Deer said it has $2.2 billion of capital commitments and usually targets equity investments of $50 million to $150 million.