The energy-focused private equity team of Oppenheimer & Co. (OPY) has quietly left to form a new firm called Roc Resources, Fortune has learned.
There isn’t too much information yet on the Roc Resources website, but the LinkedIn profile of director Wesley Ketcham explains the strategy thusly:
Source, evaluate and manage investments in US onshore oil & gas development. Investments are achieved through a variety of structures, including direct acquisition of producing properties, creation of JVs with operators in target basins or regions, and investments in other energy funds.
Princeton, N.J.-based Roc Resources will continue to serve as sub-adviser to four active Oppenheimer private equity funds: Oppenheimer Private Equity Fund I, Oppenheimer Private Equity Co-Investment Fund, Oppenheimer Global Resource Private Equity Fund I and Oppenheimer Drilling Partners.
The management spin-out was completed at year-end, and included group leaders Sarfraz Lalani and Brian Williamson.
Williamson declined to comment when reached by phone, while an Oppenheimer spokesman did not have an immediate response.
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