5th Aug 2014 07:58
LONDON (Alliance News) - Riverstone Energy Ltd Tuesday said Liberty Resources II LLC has signed an agreement with Emerald Oil Inc under which it will exchange a portion of its holdings in the Williston Basin in the US state of North Dakota for additional acreage at the site and around USD78.4 million in cash.
Liberty Resources LLC is a Denver-based oil and gas firm funded through investments from funds managed by Riverstone Holdings LLC, including Riverstone Energy Ltd.
Under the deal, Liberty will get approx 4,175 net acres in Williams County, North Dakota, adding around 30 operated drilling locations to its portfolio. Liberty will then divest around 31,500 non-core acres in McKenzie County, North Dakota.
The transaction is expected to close in September.
Riverstone Energy shares were down 0.1% in early trade Tuesday at 904.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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