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RNS Number : 2124O
Riverstone Energy Limited
05 August 2014
 

 

Press Release

August 5, 2014

 

Liberty Resources II LLC Announces Bakken Asset Transaction

 

Denver, CO and London, UK (August 5, 2014) - Liberty Resources II, LLC ("Liberty" or the "Company") today announced the signing of a definitive agreement with Emerald Oil, Inc. (NYSE MKT: EOX) to exchange a portion of its holdings in North Dakota's Williston Basin for additional acreage in the Williston Basin and approximately $78.4 million in cash.  In addition to the cash received, Liberty will acquire approximately 4,175 net acres in Williams County, North Dakota which will add an estimated 30 operated drilling locations to the Company's current portfolio.  As part of the transaction, Liberty will divest approximately 31,500 non-core acres in McKenzie County, North Dakota with current net production of approximately 400 BOE/day.  The transaction has an effective date of May 1, 2014 and is expected to close in early September.  At closing the purchase price will be adjusted for customary effective date purchase price adjustments.   

 

Liberty's CEO, Chris Wright commented:  "This is an exciting transaction that provides additional drilling locations in our prime development area in Williams County and additional liquidity to accelerate development activity and continue to grow our holdings in this key area.  The transaction allows us to continue to execute our plan of acquiring high-quality acreage and efficiently develop it using optimal completion procedures."

 

Liberty had identified a significant inventory of approximately 100 high-quality Bakken and Three Forks drilling locations in Williams County on its acreage position held prior to the transaction.      

 

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About Liberty Resources II LLC

Liberty Resources II is a Denver-based oil and gas company founded in 2013 and led by Chairman and CEO Chris Wright, President Mark Pearson and CFO Paul Vitek.  Liberty was funded through equity investments from funds managed by energy private equity firm Riverstone Holdings LLC ("Riverstone"), including Riverstone Global Energy and Power Fund V and Riverstone Energy Limited ("REL"). 

 

About Riverstone Holdings LLC

 

Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed approximately $26.1 billion to 108 investments in North America, Latin America, Europe, Africa, and Asia.

 

About Riverstone Energy Limited

REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. The company is uniquely positioned to benefit from the large number of investment opportunities being driven by the North American energy revolution and the continued growth in global energy demand. REL aims to capitalize on the opportunities presented by Riverstone's energy investment platform. REL is a member of the FTSE 250 and its ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE.  To date, REL has invested in five energy companies spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, the Continental U.S. and Western Canada.

 

Media Contacts

 

For Riverstone Energy Limited:

Alfredo Marti

+44-20-3206-6300

 

John Cosgrove

+1-212-993-0076

 

Brunswick:

Andrew Mitchell

Robin Wrench

+44-207-404-5959

 


This information is provided by RNS
The company news service from the London Stock Exchange
 

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