1st Oct 2014 06:54
LONDON (Alliance News) - Riverstone Energy Ltd Wednesday said Canadian Non-Operated Resources Corp, or CNOR, has entered into a multi-year joint venture with Bellatrix Exploration Ltd in order to accelerate the development of Bellatrix's undeveloped land holdings.
FTSE 250-listed investment vehicle Riverstone committed USD90 million to CNOR in a funding round held in August.
Under the terms of the deal, CNOR is to pay 50% of the drilling, completion, equipping and tie-in capital expenditures associated with the Bellatrix development plans. CNOR will then earn a 33% working interest before payout and automatically convert to a 10.7% gross overriding royalty on Bellatrix's pre-joint venture working interest after payout.
By Sam Unsted; [email protected]; @SamUAtAlliance
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