In early 2003 Mid Europa invested in Melrose Petrol, which owns and operates the Galata gas field located in the Black Sea off the coast of Bulgaria. Mid Europa converted its exposure to Melrose Resources plc, a listed independent oil and gas exploration and production company with interests in Bulgaria, Egypt, France and the United States.

In June 2006 Mid Europa negotiated a prepayment in full of the mezzanine loan to Melrose Resources, Fund I's remaining economic interest, and exited the investment in September 2006.