Latam Energy Partners and Lionheart Capital Form Joint Venture for Venezuelan Upstream Oil & Gas Development.

$500 Million Capital Vehicle Targets Brownfield Acquisition and Redevelopment of Mature Producing Fields; Lionheart to Lead Capital Formation

NEW YORK, NY, UNITED STATES, April 22, 2026 /EINPresswire.com/ -- Latam Energy Partners LLC (“LEP”) and Lionheart Capital LLC (“Lionheart”) today announced the formation of a strategic partnership to acquire, rehabilitate, and develop mature upstream oil and gas assets in Venezuela. The platform, formalized under a signed term sheet executed by both parties, will operate through an initial capital vehicle of $500 million targeting a defined pipeline of brownfield opportunities currently under evaluation.

The partnership is aligned with the evolving policy framework governing cooperation between the Governments of Venezuela and the United States, which has signaled a coordinated effort to reintroduce international capital and technical expertise into Venezuela’s energy sector. Recent reforms to the Venezuelan hydrocarbons regime now allow private operators to participate directly in field operations and commercialization under more flexible fiscal and contractual terms — creating a defined opening for disciplined institutional capital.
The platform will target mature producing fields in Venezuela’s most prolific basins characterized by significant existing reserves, established infrastructure, and demonstrable historical production. The investment strategy is centered on brownfield redevelopment — rehabilitating under-invested assets through targeted capital deployment, well workovers, artificial lift optimization, and modern enhanced recovery techniques, without reliance on new exploration risk.

Under the terms of the partnership, Lionheart serves as the lead capital formation partner, with primary responsibility for sourcing and securing external funding for the platform’s acquisitions and Venezuelan subsidiaries. LEP contributes day-to-day operational management and technical execution through its integrated platform — combining owned drilling equipment, end-to-end E&P expertise, and decades of legacy PDVSA operational experience. Together, the parties provide institutional investors with a transparent, scalable vehicle to participate in the redevelopment of one of the world’s largest hydrocarbon resource bases. All activities will be conducted in full compliance with applicable U.S., Venezuelan, and international regulatory frameworks, including all required OFAC authorizations.

Roy A. Ellis, Chairman, Latam Energy Partners:
“This platform deploys institutional capital into Venezuela at a pivotal moment of policy alignment and market reopening. Our constituent entities bring owned equipment, certified operations, and decades of in-country experience — the combination that enables immediate execution and measurable production growth from day one.”

Steve Meehen, Chief Executive Officer, Latam Energy Partners:
“The assets we are targeting are proven basins with established infrastructure and independently evaluated reserves. The production uplift opportunity is a capital and execution story, not an exploration story — and that is exactly the risk profile institutional investors can underwrite.”

Ophir Sternberg, Founder and Chief Executive Officer, Lionheart Capital:
“Lionheart’s mandate is to identify high-impact opportunities and structure the capital to execute them. In this partnership, we are the lead capital formation partner — responsible for bringing institutional capital to bear on a market reopening at scale. The asset quality, operational platform, and policy alignment that LEP brings makes this executable in a way that has not been possible before.”

Faquiry Diaz Cala, Chief Operating Officer, Lionheart Capital:
“Having structured deals and managed operations across Latin America for over three decades, I’ve seen firsthand that the greatest opportunities often come from complex markets where capital and execution have been misaligned. This initiative is about applying disciplined capital, operational rigor, and local expertise to unlock value in assets that have been underinvested — but never lacking in underlying quality.”

About Latam Energy Partners LLC
Latam Energy Partners LLC is a Delaware-based U.S. joint venture led by X-Drill, a 100% U.S.-owned, Houston-headquartered E&P services firm with global operations across Latin America, the Middle East, and Africa, and an owned asset base including drilling rigs, high-pressure frac systems, and early production equipment, together with a network of strategic partners contributing complementary technical, operational, and market capabilities. This operating model—anchored in owned equipment, technical execution, and deep operational capability—enables immediate field readiness without reliance on third-party contractors.

About Lionheart Capital
Lionheart Capital is a Miami-based investment and development firm with over 30 years of experience deploying capital across real estate, hospitality, and alternative assets. Lionheart is also the sponsor of a $230 million Nasdaq-listed special purpose acquisition company (SPAC), reflecting the firm’s capacity to structure and access institutional capital markets at scale.

Elian Muniz
LATAM Energy Partners
e.muniz@latamep.com

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