6 January 2015
Canadian Non-Operated Resources Corp. Closes Joint Venture with Tourmaline Oil Corp.
Calgary, AB, New York, NY and London, UK (6 January 2015) - Canadian Non-Operated Resources Corp. ("CNOR") announced that it closed the previously announced Peace River High joint venture arrangement with Tourmaline Oil Corp. ("Tourmaline" or the "Seller") on 23 December 2014.
The venture covers the Peace River High operated area in Alberta, Canada, through which Tourmaline sold 25% of the existing complex (all lands, wells, production, reserves, and facilities) for C$500 million subject to customary adjustments. CNOR is a 25% working interest joint venture partner in the complex and is responsible for its share of expenditures on a go forward basis, subject to certain carry obligations by the Seller. Future acquisitions within the Peace River High Joint Venture area will also be shared 75% Tourmaline and 25% CNOR. Tourmaline is a publicly traded, Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.
REL originally committed $90 million to CNOR on August 12 2014 and announced the signing of the joint venture with Tourmaline on 6 November 2014. REL invested approximately $69 million in CNOR upon closing of the Tourmaline joint venture arrangement, bringing total invested capital in CNOR to approximately $70 million.
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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 and Houston, the firm has committed approximately $28 billion to 113 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.
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