14th Feb 2014 08:50
LONDON (Alliance News) - Riverstone Energy Ltd Friday said it made a net profit in its first financial results since being joining the FTSE 250 index.
The energy investment vehicle, which listed on the London markets in October 2013 and was promoted to the FTSE 250 in December, posted a net profit of USD575,000 for the period from May 23, 2013 to the end of December.
The company said that at the end of December 2013 it had total assets worth USD1.14 billion, based mainly on two key investments, and total liabilities worth USD3.4 million.
Riverstone said its finance income for the period was USD2.2million, mainly due to a foreign exchange gain of USD2.0 million, and its total expenses were USD1.3 million, mainly due to operational and administrative fees coupled with a USD387,000 loss in the fair value of the company's investments.
The company raised USD1.23 billion when it first listed in London on October 29 and has committed USD100 million to Liberty Resources II LLC, which operates in the US Bakken Shale region, and has committed USD50 million to Eagle Energy Exploration LLC towards accumulating acreage in the US for delineation and development.
"In each of Liberty II and Eagle II, we are investing alongside management teams with whom we have had successful partnerships previously. We look forward to exciting future developments for REL in the weeks and months ahead," co-founders David Leuschen and Pierre Lapeyre Jr said in a statement.
The company added that following the end of December, Liberty II signed an agreement to acquire roughly 53,000 net acres and roughly 4,000 barrels of oil equivalent per day in the US Williston Basin.
Riverstone shares were down 1.1% at 920.00 pence Friday, putting among the top-ten fallers in the FTSE 250.
By Tom McIvor; [email protected]; @TomMcIvor1
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