Former Eagle Ford and Austin Chalk producer Craig Perry is planning a SPAC to, what he expects, likely buy in energy, financial technology, real estate or general tech areas.

Galata Acquisition II, the special purpose acquisition corporation (SPAC), plans to sell 15 million units in a $150 million raise and trade on the Nasdaq as LATAU.

The sole book running manager is BTIG, according to the S-1 filing with the Securities and Exchange Commission (SEC).

The first Galata SPAC bought Marti Technologies in July 2023. Shares traded for $14.80 per unit after the deal closed but tumbled to less than $1 by year-end. It was trading Aug. 28 at $2.48.

Perry was the founder, chairman and CEO of Alpine Summit Energy Partners, which filed for Chapter 11 bankruptcy protection on July 5, 2023, and was sold in parts.

Sean Clements, a managing director of Huron Consulting Group, estimated the Alpine assets were sold for about $100 million, according to his summary of the case. Huron had arranged debtor-in-possession financing for Alpine during the reorganization.

“The company was grappling with a liquidity crisis precipitated by declining commodity prices for natural gas and oil, alongside liquidity concerns and difficulty securing new credit arrangements,” Clements wrote in the analysis.

“The objective was clear, yet complex: to sell substantially all [Alpine’s] assets in a manner that maximized the value and facilitated creditor compensation—a complex process that involved multiple litigations with varied parties with vested interests, including drilling partners, lienholders and the unsecured creditors committee.”

With offices in Nashville, Tenn., and Vancouver, Canada, Alpine had been listed on the Nasdaq and the Toronto Stock Exchange.

A first “going concern” statement was issued in April 2022, according to an SEC filing.

The operator ended first-quarter 2023 with $9.7 million in cash and $15.4 million in net accounts receivable.

Including its oil, gas and other property, Alpine’s total assets were valued at $354 million. Its debt was $253 million, including $113 million in accounts payable, $54 million under a bank credit facility and $85 million in net long-term debt.

It had eight drilling partnerships, according to its year-end 2022 report.

Assets at the time totaled 312,910 net acres in the Eagle Ford’s Hawkville play in Webb and La Salle counties, Texas, consisting of 14,364 gross acres and 14,313 net acres; in the Austin Chalk in Giddings Field in southeastern Texas, 9,004 gross acres and 7,583 net acres; and in the helium and potash Holbrook Basin in Arizona, 274,911 gross and net.

Alpine also reported the Giddings undeveloped potential for Eagle Ford involving 134,198 gross acres and 16,104 net.

Net wells at the time totaled 37 gross; 31 net. Net production was 14,445 boe/d from 22,588 boe/d gross—49% oil, 40% gas and 11% NGL.

The company had one rig drilling in the Hawkville, one in Giddings Field and one shared among the two plays.

Perry, CEO of Galata II, is a managing director at Callaway Capital Management. Prior to forming Alpine, he was a managing director at Panning Capital and co-founder and portfolio manager of Tiger Management’s Sabretooth Capital.

He has held board seats at Cortland Partners, where he is the largest outside shareholder, and Brookfield DTLA Fund, according to the S-1 filing. He began his career at King Street Capital Management in 2003.

Powers Spencer, CFO, was involved in raising capital for Alpine. Prior, he was in the billing department for Premise Health.

William Weir, president and COO, is Callaway’s COO. Prior, he was an associate attorney for Sullivan & Cromwell.

Daniel Freifeld, chairman and CIO, founded Callaway and holds a board seat at Marti Technologies. Prior, he was a senior adviser to the State Department’s Special Envoy for Eurasian Energy and a Defense Department program coordinator for the Near East South Asia Center.

Lt. Gen. Douglas Lute (Ret.) will also hold a Galata II board seat and is currently on the Marti board. He was the U.S. ambassador to NATO from 2013 to 2017.

Andy Abell, also a board nominee, is COO of Senira, a financial intelligence company. He retired from the State Department in 2022, after 20 years as a diplomat in Europe and the Middle East.

Another nominee, Agostina Nieves, is head of sales at BlueLake Capital and was a Latin American economist and strategist.