Silver Creek Oil & Gas, LLC Receives $100 Million Investment From Crestview Partners

NEW YORK and IRVING, Texas, May 15, 2012 – Law Firm Announcements — Silver Creek Oil & Gas, LLC (“Silver Creek” or the “Company”), a privately-held oil and gas exploration and production (“E&P”) company headquartered in Irving, TX, announced today that it has received a $100 million investment from Crestview Partners (“Crestview”), a New York-based private equity firm.

Crestview is partnering in this investment with current owner Sunray Capital (“Sunray”), a private investment vehicle led by John Schmitz, the CEO of oilfield services provider Select Energy Services. Silver Creek intends to use the proceeds from the Crestview investment to develop existing acreage and to acquire and develop additional prospects in unconventional oil and liquids-rich natural gas plays. The Company may also seek to opportunistically acquire undervalued gas assets for future development. Both Crestview and Sunray have committed a significant additional unfunded capital investment to further support Silver Creek’s development.

Bob Delaney, a Managing Director at Crestview Partners who leads the firm’s energy sector investments, said, “We are excited to back John Sanchez, Silver Creek’s CEO, and his talented management team. They are a proven team that has assembled an impressive mix of long-life producing properties and low-geological risk development opportunities. It is our expectation that this capital investment will fund the acquisition and development of additional undervalued assets in the future. In addition, we are thrilled to once again partner with John Schmitz.”

Silver Creek CEO John Sanchez commented, “With the Crestview investment, Silver Creek now has the opportunity to grow and diversify its asset base through the drillbit, as well as through accretive acquisitions. We continue to see attractive opportunities to invest in out-of-favor oil and liquids-rich unconventional assets, and are excited to partner with Crestview in this transformational transaction for the Company.”

John Schmitz, CEO of Select Energy Services and President of Sunray Capital, remarked, “John Sanchez and the Silver Creek management team are one of Silver Creek’s core strengths. They have the experience and ability to transform Silver Creek from a collection of assets into a diversified E&P company. I am excited to again partner with Crestview and to be a part of building this E&P platform.”

Tudor, Pickering, Holt & Co. served as financial advisor to Crestview. Davis Polk & Wardwell LLP acted as legal counsel for Crestview and Vinson & Elkins LLP served as legal counsel for Silver Creek. Thompson & Knight LLP acted as legal counsel for Sunray.

About Silver Creek Oil & Gas

Silver Creek Oil & Gas, LLC was formed at year-end 2011 through a combination of Alta Natural Resources, an E&P company focused on the Arkoma Basin Woodford Shale in southeastern Oklahoma, and HEP Oil Company, an oil-focused company consisting of several properties acquired and developed by Sunray Capital. Silver Creek’s assets are located primarily in North Texas and Oklahoma, with smaller operated positions in New Mexico and Louisiana. The Company is led by CEO John Sanchez, who has had a 21-year career in the oil and gas industry leading acquisition and development programs at several top-tier E&P companies.

About Crestview Partners

Founded in 2004 and based in New York, Crestview Partners is a private equity firm with approximately $4 billion under management. The firm focuses on the energy, media, financial services, and healthcare industries. Crestview’s recent energy investments include Samson Resources, one of the largest privately held exploration and production companies in the U.S., and Select Energy Services, the leading provider of engineered water solutions for unconventional oil and gas exploration and production. For more information, visit .

About Sunray Capital

Sunray Capital, LP is a private investment vehicle featuring a portfolio of companies focused in the upstream and midstream arenas of the oil & gas space. Sunray is effectively controlled and managed by John Schmitz and his family holding firm, B-29 Investments, LP (“B-29”). B-29 is a family investment office that deploys capital in attractive opportunities within the private equity and venture capital disciplines.

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