RICHMOND, Va. – August 30, 2007 – Imagin Natural Resources, LLC, (“INR”) a natural resource company specializing in coal and other diversified mineral investments announces that NGP Midstream & Resources, L.P. and NGP M&R Offshore Holdings, L.P. (“NGP-MR”) and the commodities principal investment team of Barclays Capital have committed to invest $200 million into INR to finance future investments.
INR will invest in mining companies, mining operations, reserve positions and other mining related interests including docks, terminals, and transportation assets associated with minerals providing them management and financial support. Although INR has a global mandate, its primary geographic focus will be in North America and Europe.
The management team of INR has extensive knowledge and proven success in the industrial minerals field. Gerry Spindler, Chairman, has more than 25 years experience with both private and publicly traded minerals companies most recently as Chief Executive Officer of UK Coal Company, the largest coal company in the UK. Gary Rogliano, Chief Executive Officer, spent fourteen years in The Pittston Company, including 5 years as Chief Financial Officer, in addition to numerous executive level roles in the mining and transportation industries.
Rogliano said, “We are extremely excited about the formation of Imagin Natural Resources. INR is fortunate to be able to partner with NGP-MR and Barclays Capital to form this new endeavor. Based upon the opportunities presented to date, we anticipate a rapid entry into the marketplace.”
John Calvert, Managing Partner at NGP-MR said, “The coal industry is a core and growing component of the US energy sector and we have assembled a highly qualified team to take advantage of opportunities in this important industry. I have enjoyed dealing with this management team in the past and have a great deal of respect for their outstanding track record. We are very pleased that Barclays Capital agreed to join us in this investment.”
Mark Brown, Head of Commodities Principal Investments at Barclays Capital said, “We are delighted to support a very talented management team at INR. Both Gerry Spindler and Gary Rogliano are well respected and well known in the natural resources and transportation industries.”
NGP-MR is a private equity fund that makes investments in select areas of the energy infrastructure and natural resources sectors. NGP-MR is affiliated with NGP Energy Capital Management, one of the leading capital providers to all facets of the energy sector. The Commodities Principal Investments team at Barclays Capital focuses on investments in upstream oil & gas, upstream mining and power and renewables. Barclays Capital is the investment banking division of Barclays Bank PLC.
Imagin Natural Resources may be contacted through Gary Rogliano, at (804)-282-0369. NGP Midstream & Resources may be contacted at (972) 432-1800. The commodities principal investments team at Barclays Capital may be contacted through Simon Eaton, Corporate Communications, Barclays Capital, +44 (0)20 3134 2111, simon.eaton@barcap.com or Peter Truell, Corporate Communications, Barclays Capital, + 1 212 412 7576 peter.truell@barcap.com.
For more information about Imagin Natural Resources, please visit www.imaginnr.com.