Apollo, Blackstone Seek Buyers for Large Private Oil Producer Ridgeback Resources

Two investment banks have been hired to manage the sale of Ridgeback Resources, one of the largest private oil producers in Canada, which sources said could be sold in multiple transactions.

Shariq Khan and David French, Reuters

Apollo Global Management Inc. and the credit arm of Blackstone Group Inc. are looking to sell Canadian oil and gas producer Ridgeback Resources for more than CA$1 billion (US$765.58 million), four sources familiar with the matter said.

Rising demand and Russia’s invasion of Ukraine pushed oil prices to multiyear highs in recent months, giving owners of energy assets a window to sell and lock in profits. Global crude benchmark Brent has soared more than 30% this year.

Two investment banks have been hired to manage the sale of Ridgeback, one of the largest private oil producers in Canada, the sources said July 5. They added no deal for Ridgebackwas guaranteed and the company’s assets could be sold in multiple transactions.

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