8th Apr 2015 06:36
LONDON (Alliance News) - Closed-ended investment firm Riverstone Energy Ltd said Wednesday it will invest up to USD500 million into newly-formed oil and gas company Three Rivers Natural Resource Holdings III LLC.
Riverstone Holdings LLC will invest up to USD333 million from its Riverstone Global Energy and Power Fund VI and up to USD167 million from Riverstone Energy Ltd.
Three Rivers III is the third partnership between Riverstone and the Three Rivers management team, and similarly to the two previous partnerships, it will continue to focus on oil and gas acquisition opportunities in the Permian Basin in North America.
"This investment exemplifies Riverstone's strategy of re-partnering with proven management teams with deep, basin-focused operating expertise. We look forward to repeating the success we had with both Three Rivers I and Three Rivers II," said Co-Founders of Riverstone Pierre Lapeyre and David Leuschen in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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