REFINED
CAPITAL
We are not simply a new house for old investment methods, but a new and fundamentally better way to create wealth in oil & gas.
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Geo-science isn't enough. In the modern age foresight and knowledge from multiple disciplines such as Geology, Engineering, Investment Banking, Legal and Marketing must be engaged.
Refined Capital understands and embraces this reality as part of our best in class analysis.
Modern Methods in Traditional Energy
300 Years. The combined experience of our professionals in the energy finance and investment sector. Refined Capital has consistently garnered superior returns across countless industry and hydrocarbon price cycles.
The Fundamentals
Our investment principles are the basis for our reputation and proven track record
Superior Investment professionals use origination, and knowledge advantage to grow businesses in select niches
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Pursue companies developing or utilizing advances in technology that are dramatically increasing the industries ability to generate returns
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Natural gas production is at its highest level to date, oil production is at a near 30-year high and estimates of domestic economic recoverable reserves have doubled in the past decade
Strategic effort to lease acreage targeting reservoirs in proven basins and acquire underexploited properties from companies who are selling to fund resource play development
2005
Year Established
6 billion
Capital Comitted
19
Portfolio Companies
The People
Our investment team is lead by 2 principles: the founding partners
BRUCE PENSKE, P. ENG., MBA
Mr. Penske provides leadership and strategic oversight at Refined Capitol including investing strategy and investment decision-making process.
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Previous to founding Refined Capital in 2005, Mr. Penske was a top-ranked oil and gas analyst for nine years, heading the global oil & gas team as Global Coordinator, Oil & Gas Research, Head of Energy Research and member of the Executive Committee at Tristone Capital – a global energy investment boutique – prior to Macquarie acquiring Tristone in 2009.
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Mr. Penske is a geologist by background with almost 30 years of investment experience in the North American oil and gas industry.
ILYA VARONIN, CPA, MBA
Mr. Varonin has overall responsibility for managing Refined Capitol including the strategy and performance of the Refined Capitol Energy Funds and both investor and portfolio company relations.
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He started his career in the oil and gas business in 1999 as rig hand for Precision Drilling and has over 19 years of diversified oil and gas experience,
Mr. Varonin founded Refined Capitol in early 2005 and has accumulated almost 20 years of energy related finance, investment research, corporate strategy and direct investment experience.
Departments
The firm principles are supported by four independent but cohesive teams comprised of highly committed industry leading experts in their respective fields.
Each department uses their unique perspective to balance capital preservation and value creation to generate full-cycle returns on investment.
