News

HOUSTON, Feb. 17, 2026 (GLOBE NEWSWIRE) — Azul Resources II, LLC (“Azul II”) today announced the closing of an equity commitment from an investment fund managed by Carnelian Energy Capital Management, L.P. (“Carnelian”).

Azul II is led by Zach Hart and the entire executive team from its predecessor, Azul Resources, LLC (“Azul I”), which organically built a 10,000 net acre Haynesville Shale position and grew production to more than 250 mmcf/d before selling its assets in January 2026. Azul II will continue to deploy its proven, focused strategy of acquiring and developing assets in the Haynesville and Bossier Shale plays of East Texas and North Louisiana. Prior to forming Azul I, the team worked together at Haynesville-focused Indigo Natural Resources, the third-largest private natural gas producer in the United States, before selling to Southwestern Energy Company, now Expand Energy (NYSE: EXE).

“We have spent the majority of our careers in North Louisiana and East Texas, building relationships, putting together acreage positions and collectively drilling hundreds of wells,” said Zach Hart, Azul II’s Chief Executive Officer. “The full team is excited to continue pursuing opportunities to deploy capital in the basin with Carnelian under our longstanding partnership.”

“The Azul team’s history of building and developing Haynesville assets uniquely positions them for success, as the industry is placing a growing premium on economic gas-weighted inventory that is proximal to LNG exports,” said Matt Kelly, a Carnelian Managing Director. “We are looking forward to continuing our partnership with this best-in-class organization.”

About Azul Resources II, LLC

Azul Resources II is an independent exploration and production company focused on acquisitions in premier natural gas basins in North America.  

For more information, please contact Azul at info@azulresources.com or visit www.azulresources.com.

About Carnelian Energy Capital Management, L.P.

Carnelian Energy Capital is an energy investment firm based in Houston, Texas.  With approximately $4.6 billion of cumulative equity commitments, Carnelian is dedicated to bringing its strategic expertise and nimble approach to partnerships with leading businesses and best-in-class management teams in the North American energy space.

For more information, please contact Carnelian at info@carnelianec.com or visit www.carnelianenergy.com.

HOUSTON (March 4, 2022) – On December 29, 2021, a subsidiary of Azul Resources, LLC (“Azul”) entered into a multi-year farmout agreement with Black Stone Minerals (NYSE: BSM) covering working interests under active development of the Haynesville and Bossier Shale in San Augustine County, Texas. Azul is continuing its acquisition and development strategy in East Texas and North Louisiana, where the team has a deep history of operating responsibly.

For additional details, please reference BSM’s fourth quarter earnings press release.

HOUSTON (October 6, 2021) – Azul Resources, LLC (“Azul”) today announced the closing of an equity commitment from Carnelian Energy Capital III, L.P., an investment fund managed by Carnelian Energy Capital Management, L.P. (“Carnelian”).

Azul, a Houston-based company led by Zach Hart, Mason Lemmond, Amanda Darby, James Carroll and Kenna Hambor, is pursuing a natural gas focused acquisition and development strategy. Prior to forming Azul, the team worked together for many years at Haynesville-focused Indigo Natural Resources, the third-largest private natural gas producer in the United States, until its recent merger into Southwestern Energy (NYSE: SWN).

“Our experience building relationships, sourcing and navigating complex transactions and drilling over 225 wells in the Haynesville Shale, uniquely positions Azul to hit the ground running,” said Zach Hart, Azul’s Chief Executive Officer. “We are excited to collaborate and partner with a well-capitalized firm like Carnelian during this highly opportunistic time in our industry.”

“The wave of consolidation in the oil and gas industry, and the Haynesville Shale specifically, provides an environment ripe for entrepreneurial and nimble companies such as Azul to capture attractive assets and create value,” said Daniel Goodman, a Carnelian Partner. “We have followed the Azul team’s accomplishments throughout their time at Indigo, and are highly impressed by their strong technical, land and operational capabilities. We are thrilled to partner with them.”

About Azul Resources, LLC
Azul Resources is an independent exploration and production company focused on acquisitions in premier natural gas basins in North America.

For more information, please contact Azul at info@azulresources.com or visit www.azulresources.com.

About Carnelian Energy Capital Management, L.P.
Carnelian Energy Capital is an energy investment firm based in Houston, Texas. With approximately $1.8 billion of cumulative equity commitments, Carnelian is dedicated to bringing its strategic expertise and nimble approach to partnerships with leading businesses and best-in-class management teams in the North American energy space.

For more information, please contact Carnelian at info@carnelianec.com or visit www.carnelianenergy.com.