By Houston Business Journal

Ursa Resources Group II LLC said it closed on a $200 million round of funding from Denham Capital.

The Houston-based oil and gas exploration company has been working in several shale plays including the Bakken and Eagle Ford, but with equity commitment, Matt Steele, Ursa president and CEO, said the company is going to do something new.

Ursa is going to go after liquid-rich resource plays and conventional oil and gas assets, he said.

⿿This is a change in direction for us,⿝ Steele said. ⿿We see an opportunity in conventional gas right now. We think some companies will have to rationalize their portfolios to hold leases on their shale plays, so they will have to sell off their conventional assets to get the liquidity.⿝

Ursa Resources Group II involves key management from Ursa Resources Group LLC, an exploration and production company also backed by Boston-based private equity firm Denham Capital.

Denham began funding Ursa Resources in February 2010, Steele said.

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