Riverstone Holdings LLC to invest up to $100 mllion in Carrier Energy Partners II LLC
Houston, TX, New York, NY and London, UK (26 May 2015) - Riverstone Holdings LLC ("Riverstone") announced that it has committed to invest up to $100 million in Carrier Energy Partners II, LLC ("Carrier II"). With offices in Sugar Land, Texas, Carrier II is focused on the acquisition and exploitation of upstream oil and gas assets. Its primary objective is to partner with select operators that are developing both unconventional and conventional reservoirs in North America. The Riverstone commitment comprises $67 million from Riverstone Global Energy and Power Fund VI and $33 million from Riverstone Energy Limited.
Riverstone and Carrier II Management previously formed Carrier Energy Partners, LLC ("Carrier I") in August 2013 to pursue the same strategy. Since then Carrier has participated in two joint ventures targeting development of oil and gas assets in the Delaware Basin and in a legacy conventional field located in South Texas. The additional Riverstone commitment comes at a time when demand for non-operating partner capital has increased. Carrier II can provide solutions for upstream oil and gas companies that have experienced significantly reduced cash flows and capital availability as a result of the industry's energy price contraction.
Carrier II is led by its President and CEO, Mark Clemans, a professional engineer with over 25 years of experience in technical and financial evaluations through previous roles in operations, consulting, and investment banking at top tier oil and gas and financial services firms. In 2009, Mr. Clemans founded Carrier Petroleum, a company that assembled and managed a large portfolio of non-operated assets across several U.S. basins and plays to serve as a strategic investment for a Fortune 200 company.
Mr. Clemans commented, "It is a privilege for us to continue our non-operated platform in oil and gas with Riverstone, who has been an invaluable investment partner for us throughout Carrier I. Carrier's expertise lies in sound technical and financial evaluations of investment opportunities. We look forward to continuing to be a reliable partner for operators focused on asset development and value creation in resource plays and other capital intensive basins."
Carrier's management team also includes Christina Chen as Vice President and CFO and Aaron Shimek as Engineering Manager. Ms. Chen has significant financial experience in corporate finance and principal investing, with a focus on upstream assets. Ms. Chen previously held the position of Vice President of Finance for Carrier Petroleum, where she played key roles in acquisition evaluations and diligence, along with portfolio management, financial reporting, and risk management. Mr. Shimek was most recently a Senior Reservoir Engineer at Quantum Resources Management, primarily focused on managing the company's interest in the Mid-Continent and Ark-La-Tex regions. He has spent time at Fairways Exploration and Production and at W&T Offshore. He started his career at Devon Energy, working in various capacities as a reservoir, drilling and production engineer.
Robert Tichio, Partner at Riverstone, said, "We have been highly impressed by Mark, Christina, and Aaron through our experience at Carrier I. We are excited to grow our relationship with the Carrier team as we execute on this non-operated oil and gas acquisition approach in today's environment. Carrier and Riverstone continue to observe an increasing need for non-operating working interest partners created by the significant capital requirements inherent to full-scale development of unconventional resources."
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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 $30 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, Riverstone has committed approximately $29 billion to over 110 investments in North America, Latin America, Europe, Africa, and Asia. Visit www.riverstonellc.com for more information.
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 capitalise 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 made 15 investments 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, Mexico and credit.
About Carrier Energy Partners II, LLC:
Carrier Energy Partners II is a private oil and gas company focused on the acquisition and exploitation of upstream assets. Backed with an equity commitment from Riverstone Holdings LLC, its primary objective is to partner with select operators that are developing both unconventional and conventional reservoirs in North America. For more information, visit www.carrierenergy.com.
For Riverstone Energy Limited:
For Carrier Energy Partners II LLC:
Mark Clemans or Christina Chen