Riverstone Energy Limited Cookie Policy
Our website uses cookies to distinguish you from other users of our website. By continuing to use our site you agree to our use of cookies. Find out more.

RNS Number : 3027D
Riverstone Energy Limited
27 March 2014
 



March 27, 2014

Riverstone announces C$200 million commitment to Canadian International Oil Corp.

New York, NY and London, UK (March 27, 2014) - Riverstone Holdings today announced an equity commitment of C$200 million to Canadian International Oil Corp. ("CIOC"), a private exploration & production company focused on liquids-rich unconventional resources in Western Canada.  The Riverstone commitment comprises C$133 million from Riverstone Global Energy and Power Fund V ("Fund V") and C$67 million from Riverstone Energy Limited ("REL").  An initial capital call of approximately C$100 million (US$89 million) will be funded today to support near-term drilling.   

Since its establishment in 2010, CIOC has aggregated one of the largest and most advantaged land positions in the emerging Montney and Duvernay formations of Western Canada's Deep Basin. The company controls and operates 100% of this asset base, which comprises approximately 400,000 acres, currently produces approximately 3,000 boe per day, and includes one of the highest performing liquids wells across the Montney trend.  CIOC is currently in the process of further delineating its resource base through a combination of development wells and step-out pilot drilling. 

Scott Sobie, President and CEO of CIOC, commented, "We are extremely excited to work with Riverstone as we embark on the next phase of our development strategy.  Riverstone is a highly regarded energy investor, and we look forward to our partnership going forward.  We are strongly encouraged by the initial results of our 2013 program in our Montney acreage, and we expect to expand it significantly in 2014 with Riverstone's support."

Robert Tichio, a Partner of Riverstone, said, "Our significant equity commitment to CIOC reflects our confidence in Scott and the CIOC team as well as in the rich opportunity set we see in the Deep Basin.  This investment exemplifies Riverstone's strategy of partnering with proven management teams with extensive, basin-focused operating expertise."

Pierre Lapeyre and David Leuschen, CoFounders of Riverstone, said, "This investment provides additional scale and diversification to REL's asset base, allows REL to deploy capital immediately in one of the most prolific trends in North America, and demonstrates continued delivery of the strategy that we presented to REL investors."  Since its IPO in October 2013, 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 now Western Canada.

 

ENDS

 

About Canadian International Oil Corp.

Founded in 2010, CIOC is a privately held oil and gas company based in Calgary. CIOC's primary asset base is approximately 400,000 acres in the Deep Basin of West Central Alberta.

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 $25.6 billion to 107 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 now 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
+44-20-7404-5959


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