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RNS Number : 6649L
Riverstone Energy Limited
08 July 2014

Riverstone Energy Limited Announces Quarterly Portfolio Valuations

London, UK (8 July 2014)-Riverstone Energy Limited ("REL") announces its quarterly portfolio summary as of 30 June 2014, inclusive of updated quarterly unaudited fair market valuations:

Date Announced


Subsector (Drilling Technique)

Committed Capital  ($mm)


Capital ($mm)

Gross Unrealized Value ($mm)1

Gross MOIC1


Liberty II

7 Nov 2013

Bakken (U.S.)

Exploration & Production ("E&P") (Unconventional)






Eagle II

13 Dec 2013

Mid-Continent (U.S.)

E&P (Conventional /  Unconventional)






Rock Oil

13 Mar 2014

Eagle Ford, Utica and Permian (U.S.)








13 Mar 2014

Gulf of Mexico Shelf (U.S.)









27 Mar 2014

Deep Basin (Canada)













Percentage of total REL capital3






REL will release a Half-Year Report for the 6 month period from 1 January 2014 to 30 June 2014 in due course.  The Report will include the NAV of REL as well as updates on the portfolio.



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.

For further details, see www.RiverstoneREL.com

Neither the contents of Riverstone Energy Limited's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.


Media Contacts

For Riverstone Energy Limited:

Alfredo Marti


John Cosgrove




Andrew Mitchell

Robin Wrench




The Investment Manager is charged with the responsibility of valuing the assets held by REL and the Partnership. The Partnership has directed that securities and instruments be valued at their fair value. REL's valuation policy follows the IFRS accounting standards and IPEV Valuation Guidelines. Riverstone values each underlying investment in accordance with the Riverstone valuation policy, the IFRS accounting standards and IPEV Valuation Guidelines. The value of REL's portion of that investment is derived by multiplying its ownership percentage by the value of the underlying investment. If there is any divergence between the Riverstone valuation policy and REL's valuation policy, the Partnership's proportion of the total holding will follow REL's valuation policy and the Fund V proportion will follow the Riverstone valuation policy. Valuations determined by Riverstone are disclosed quarterly to investors.

Riverstone values its investments using common industry valuation techniques, including comparable public market valuation, comparable merger and acquisition transaction valuation, and discounted cash flow valuation.

For development-type investments, Riverstone also considers the recognition of appreciation of subsequent financing rounds, if any, or if subsequent financing rounds are below original cost, the investment is valued at the "down round". For those early stage privately held companies where there are other indicators of a decline in the value of the investment, Riverstone will value the investment accordingly even in the absence of a subsequent financing round.

Riverstone reviews the valuations on a quarterly basis with the Riverstone investment committee as part of the valuation process. Ernst & Young LLP attends the valuation review meetings that are relevant to the Company as part of their statutory audit process.

1 Gross MOIC is Multiple of Invested Capital. Gross Unrealized Value and Gross MOIC are before transaction costs, taxes, carried interest, management fees and other expenses. Given these costs and expenses are in aggregate expected to be considerable, Total Net Value and Net MOIC will be materially less than Gross Unrealized Value and Gross MOIC.  Local taxes may apply at the jurisdictional level on profits arising in operating entity investments. Further withholding taxes may apply on distributions from such operating entity investments.

2 The commitment to Eagle II is $50 million with an option to commit an additional $50 million.

3 Based on total capital raised of $1,229 million, including KFI's second tranche of £50 million (at an assumed exchange rate of 1.617 USD/GBP). 

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