ACON Announces Acquisition of Chroma Oil & Gas, L.P.

HOUSTON, May 27, 2008 – ACON Investments, LLC announced the acquisition of Chroma Oil & Gas, L.P. (“Chroma”), a privately held exploration and production company based in Houston, Texas. ACON provided the majority equity investment required to complete the purchase of significant additional onshore oil and gas assets in South and East Texas and in South Louisiana from an undisclosed private company. Chroma’s combined operations include more than 236 wells producing approximately 17 Mmcfe per day. In addition to the oil and gas assets, Chroma has assembled a team of experienced oil and gas professionals, including geoscientists, engineers and landmen to bolster its existing and newly-acquired operations.

“With ACON’s investment, we at Chroma are excited about acquiring such high quality assets. It’s a rare opportunity which provides a strong combination of solid production and significant existing cash flow, as well as tremendous upside opportunities,” said Steven Mikel, Chroma’s President and Chief Executive Officer. “Our familiarity with the operating region, along with the team of highly skilled professionals that we have assembled, makes this acquisition an ideal fit for Chroma. We are also pleased to have ACON as our partner. Their experience in the sector and region will benefit Chroma as we continue to develop our asset base.”

“We are extremely pleased to be backing Chroma as the acquired assets fit well with the team’s strategy and experience. We believe the company has attractive growth prospects,” said Jonathan Ginns, Managing Partner of ACON. To facilitate the acquisition, Chroma’s senior credit facility was arranged by BNP Paribas.

About Chroma Oil & Gas, L.P.
Chroma is engaged in the acquisition, exploitation and exploration of oil and gas located in the on- and offshore Gulf Coast trends of Louisiana and Texas. Chroma has a unique technological advantage—its highly proficient geoscientists utilize cutting edge pattern recognition and visualization in the analysis and interpretation of 3-D seismic.

For more information on the Company please visit: www.chromaexpl.com

About ACON Investments
ACON Investments is a Washington, D.C. based private equity firm with offices in Los Angeles, Houston and Madrid. Founded in 1996, ACON manages private equity funds and special purpose investment partnerships with investments in the United States, Europe and Latin America, and has managed approximately $1.5 billion of capital. ACON has been a longtime energy investor executing recent investments in power infrastructure, energy services as well as upstream, and midstream oil and gas.

Contact:
Caroline Luz, Owen Blicksilver PR, Inc., Tel: 203-656-2829