A "dream team" of five oil and gas veterans has reunited to launch San Antonio-based Silverback Exploration II LLC, an energy company with $500 million at its disposal.

The exploration and production company announced its formation early Monday morning along with a $500 million in private equity commitment from EnCap Investments LP.

Silverback Exploration II was created by five out of the six executives who founded San Antonio-based Silverback Exploration LLC, a small but nimble oil company that made a name for itself in the Permian Basin of West Texas with wells that were still profitable at low commodity prices.

Denver-based Centennial Resource Development Inc. (NASDAQ: CDEV) (NASDAQ: CDEVW) and its affiliates bought Silverback's Permian Basin assets in a $855 million deal that closed just before New Year's Eve.

Stephen Lipari, who was chief operating officer of the original Silverback, is returning as CEO for Silverback Exploration II.

“Our team has a high level of expertise in horizontal drilling and a comprehensive understanding of operational efficiencies that are already shaping the focus of our new company,” Lipari said in a statement. "We are thrilled to partner with EnCap for a second time.”

Also returning are Silverback executives David Frye, Jon Conaway, George Young and Ted Collins. The new company will focus on organic development projects and strategic acquisitions in conventional and unconventional resource plays across the United States.

EnCap's backing of Silverback II is consistent with its "long history of rebacking management teams on the heels of a successful exit," Managing Partner David Miller said in a statement.

In a January 2017 interview, Lipari told the Business Journal that the Silverback executives would take a break for a few months and return with their next venture.

"We put a dream team together for this company," Lipairi said about the original Silverback. "It was a bunch of guys who have known each other for a long time, and it was a real opportunity to build a small, very nimble company and do it the way we've always wanted to do it as opposed to being part of a big publicly traded company."