GrayStreet Energy is the oil and gas unit of GrayStreet Partners, a real estate focused private equity fund based in San Antonio, Texas managing $1.8B of AUM. Gray Street Energy brings together decades of operating and technical expertise in the private oil and gas space as well as a keen understanding of market dynamics to drive strong returns for our investors.
WHAT WE DO
Top Tier Capital Allocation
GrayStreet Energy has access to a unique private market deal pipeline giving us an unprecedented pipeline of high quality deals in the energy space.
GrayStreet Energy has the unique ability to diligence potential deals thoroughly and quickly via our in house technical team of geologists and reservoir engineers.
Our value add approach allows us to ensure top rung operations of our acquisitions, from planning and permitting all the way to bringing hydrocarbons to market.
Asset Management Experience
Oil & Gas Assets
Meet the Team
To spearhead its foray into the space, GrayStreet Energy has recruited top-tier oil and gas talent to act as fiduciaries and to select and manage best-in-class assets for its investors.
Mr. Covey founded GrayStreet Partners and its predecessor Caliburn Capital in 2007. His active investment experience spans a variety of investment classes, but has been primarily focused on energy, outdoor advertising, debt investment, electronics manufacturing, alternative lending, and real estate. He is an active principal in Ithaca Investments, LTD., which holds over 1.2 million square feet of retail shopping center space in Texas. He is also manager of Grizzly Asset Management, financial sponsor of Grizzly Fund – focused in acquiring high yield and non performing debt instruments. He graduated with a degree in Economics from University of Chicago.
Ms. Pommer currently acts as Director and Lead Geologist for GrayStreet Energy, having joined the team in a transitional capacity in fall of 2023. She specializes in deal sourcing, evaluation and leads the Investment Committee. Prior to this, she was the CEO and Lead Geologist of EnergyFunders. Within her first year leading EnergyFunders as CEO, Laura built a new team from the ground up and led the most successful fundraising effort to date, with over $13M raised for their Yield Fund I from retail investors. Prior to joining the EnergyFunders team, she served as the CEO of a private equity backed oil and gas exploration company, Century Natural Resources, which drilled exploratory horizontals, along with developing and managing ~180 wellbores and over 200,000 acres in the Powder River Basin of Wyoming. Before leading Century Natural Resources, Laura worked in business development, exploration and operations/development for Anadarko Petroleum’s U.S. onshore assets. She’s also worked for various private equity-backed companies as lead geologist, completing regional and asset level mapping, log interpretation, risk analysis and deal evaluation. Laura is a geologist by training—earning her masters in Geology from The University of Texas at Austin and her bachelor’s in Geology from The University of Colorado.
Her combination of deep technical expertise, portfolio management, and experience as a leader and CEO, makes her the perfect candidate for providing investors with the highest quality oil and gas deals available.
Virginia Urban Light
Ms. Light joined the GrayStreet team in January of 2024, having spent the previous three years acting as VP of reservoir engineering and regulatory affairs for EnergyFunders.
At GrayStreet Energy, Virginia performs the roles of reservoir engineering, compliance and regulatory, and deal sourcing. Along with Laura and Kevin, she is a member of the Investment Committee, helping with both technical due diligence and deal structuring. Ms. Light draws upon her vast experience in estimating and appraising reserves values for
some of the largest overseas oil and gas companies in the world, including her former role as Project Engineer at DeGolyer and MacNaughton. Ms. Light was Project Coordinator for reserves audits representing hundreds of billions of dollars in asset value while at D&M, including the annual reserves audit for one of the world’s largest oil and gas producers. Before joining D&M, Ms. Light practiced law as an oil and gas title attorney at Hameline & Eccleston and The Duckworth Law Firm. She holds a Bachelor of Science degree in Petroleum Engineering as well as a Minor in Dance from Texas A&M University where she was a President’s Endowed Scholar. Ms. Light received her Juris Doctorate degree from St. Mary’s University School of Law where she served on the Editorial Board of the St. Mary’s Law Journal. She is a licensed attorney admitted
to the State Bar of Texas.
Mr. Culpepper joined Graystreet in July 2021 and works in deal origination, structuring, underwriting, and execution. Prior to joining GrayStreet, Anthony worked in Macquarie Capital’s Upstream Advisory group in Houston. Previously, he worked as a Senior Associate in KPMG’s Advisory Practice. His experience includes North American Shale, the Gulf of Mexico, the North Sea, Bass Strait, Western Australia, and Algeria. Anthony holds a Master of Science in Accounting from Texas Tech University
1031 Exchange Service
Real Estate to Oil & Gas
Did you know you can roll proceeds from a real estate divestment into oil and gas assets as part of a 1031 exchange? We are the experts in this space and assist you through the whole process including identification of a suitable oil and gas producing asset, debt (if required) and management services. In many cases, the 1031 exchange isn't just a tax deference but can act as a tax abatement strategy.
Attractive Asset Pricing
Oil and gas has never been more attractive on a valuation basis due to a number of factors including ESG's impact on the energy and Wall Street's unwillingness to move capital into the space. This means there is the opportunity to acquire a strong cash flow at a lower underlying price relative to real estate.
Designed for Today's Rate Environment
Oil and gas generally produces stronger near term cashflows than traditional income producing real estate which often rely on exit from the asset to generate a large portion of the projects IRR. As a result of these cash flow dynamics, oil and gas asset are often far more palatable in a higher interest rate environment while this cash flow component is a crucial part of the 1031 exchange advantage.
Oil and gas investing brings forth a number of possible tax advantageous to an investor's tax liability outside the 1031 exchange component.
1031 One Pager