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RNS Number : 1122T
Riverstone Energy Limited
01 October 2014
 

Press Release

October 1, 2014

 

Canadian Non-Operated Resources Corp. Announces

Joint Venture with Bellatrix Exploration Ltd.

 

London, UK (October 1, 2014) - Canadian Non-Operated Resources Corp. ("CNOR") announced that it has entered into a new multi-year joint venture arrangement with Bellatrix Exploration Ltd. ("Bellatrix").  CNOR has committed a total of $250 million in capital (of which approximately $40 million is from Riverstone Energy Limited ("REL")) towards future accelerated development of a portion of Bellatrix's extensive undeveloped land holdings.  Bellatrix is a publicly traded, Western Canadian based growth oriented oil and gas company engaged in the exploration for, and the acquisition, development and production of oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan. 

 

Under the terms of the agreement, CNOR will pay 50% of the drilling, completion, equipping and tie-in capital expenditures associated with development plans to be proposed by Bellatrix and approved by a management committee comprised of representatives of Bellatrix and CNOR.  CNOR will then earn a 33% working interest before payout and automatically convert to a 10.67% gross overriding royalty on Bellatrix's pre-joint venture working interest after payout (being recovery of CNOR's capital investment plus an 8% return on investment). The capital is expected to be spent primarily from 2016 through 2018.

 

REL originally committed $90 million to CNOR on August 12, 2014.  As of September 30, 2014, REL has committed a total of $674 million, or approximately 55% of total capital raised, to nine energy companies spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the U.K. North Sea, the Norwegian Sea, and Mexico.

 

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About Canadian Non-Operated Resources Corp.

Canadian Non-Operated Resources Corp. is a newly formed, Calgary-based oil and gas company, focused on partnerships with top tier operators to develop oil and gas assets in the Western Canadian Sedimentary Basin. CNOR seeks to provide non-operated partner capital due to the vast and growing capital requirements inherent to full-scale development of unconventional resources. CNOR is led by Richard Grafton, Founder and Chief Executive Officer of Grafton Asset Management Inc.

 

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 $27 billion to 112 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 nine energy companies spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the U.K. North Sea, the Norwegian Sea, and Mexico.

 

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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