Independent capital for independent producers.


Founded in 1985 by James A. Gibbs, Five States is a private equity investment group based in Dallas, Texas. The company is a classic value investor, focusing on longer-term, income-generating opportunities in the energy sector.

Five States’ roots are in the acquisition and financing of conventional oil and gas resources throughout Texas and across the US. Today, Five States Energy Company, LLC and its affiliate Five States Energy Capital, LLC manage more than $250 million in capital invested throughout Texas, the Mid-Continent and the Rocky Mountain regions.

Five States recognizes that unconventional resource plays create tremendous opportunities and participates as an active, non-operator investor and partner with solid independents.

In addition to oil and gas acquisitions, Five States focuses on providing mezzanine growth capital to independent producers and equity funding for midstream – pipeline or storage – deals. With a team of experienced oil and gas professionals, engineers and CPAs, we perform all due diligence in-house.