Riverstone Holdings LLC to Invest Up to $200 million in Castex Energy 2014
September 4, 2014
HOUSTON, NEW YORK and LONDON - September 4, 2014 - Castex Energy 2014, LLC ("Castex 2014"), a newly-formed, Houston-based oil and gas company, today announced an equity commitment of up to $200 million from funds managed by Riverstone Holdings LLC ("Riverstone"), an energy and power-focused private equity investment firm. Riverstone will be the largest shareholder in Castex 2014, with a commitment comprised of up to $133 million from Riverstone Global Energy and Power Fund V ("Fund V") and up to $67 million from Riverstone Energy Limited ("REL"). Castex 2014 will be managed by Castex Energy, Inc., which has a 27 year operating history in exploration and development in South Louisiana and the Gulf of Mexico Shelf (together, the "Gulf Coast Region"). Castex 2014 is focused on exploration and will co-invest with Castex Energy 2005, L.P. ("Castex 2005") to test and develop Castex's current and future drilling prospect inventory in the Gulf Coast Region.
Robert Tichio, a Partner of Riverstone, said: "Our significant equity commitment in Castex 2014 reflects our confidence in the Castex team and the promise of the impressive asset base they have assembled. This investment is another example of Riverstone's strategy of partnering with proven management teams that possess advantaged industry expertise and basin-focused operating experience."
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 billion to 111 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 eight 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 and the Norwegian Sea.
For Riverstone Energy Limited:
Castex Energy 2014, LLC:
Matthew Brogdon, Executive Vice President