CanEra Resources Inc. III (“CanEra III”) is a private Calgary-based oil and gas company formed to pursue oil and gas exploration and production opportunities in the Western Canadian Sedimentary Basin (“WCSB”). CanEra III is led by Paul Charron (Chairman and CEO), David Broshko (President) and other members of the team of CanEra Resources Inc. ("CanEra I") and CanEra Resources Inc. II ("CanEra II"), both successful Riverstone Global Energy and Power Fund IV companies. Similar to the strategy employed by CanEra I and CanEra II, CanEra III will focus on the acquisition, exploitation and exploration of large oil- and/or gas-in-place deposits in the WCSB.
In January 2015, Riverstone, NGP Energy Capital Management, LLC ("NGP"), and the Company's management team announced the commitment of up to approximately C$465 million to CanEra III. Riverstone committed up to C$225 million, of which C$75 million is from Riverstone Energy Limited.