Riverstone Holdings LLC will invest up to $100 million in Carrier Energy Partners II LLC, the private-equity firm said May 26.
Sugar Land, Texas-based Carrier II acquires and produces upstream oil and natural gas assets in North America, both conventional and unconventional.
Riverstone Global Energy and Power Fund VI will commit $67 million and Riverstone Energy Ltd. will commit $33 million.
Riverstone and Carrier II’s management formed Carrier Energy Partners LLC (Carrier I) in August 2013. Since then, Carrier participated in two joint ventures targeting Delaware Basin oil and gas asset development, and in a legacy conventional field in South Texas.
Riverstone’s most recent commitment will allow Carrier II to provide solutions for upstream companies experiencing reduced cash flow and capital availability during the oil price downturn, the firm said. Mark Clemans, president and CEO, leads Carrier II with more than 25 years’ experience in technical and financial evaluations.
"It is a privilege for us to continue our non-operated platform in oil and gas with Riverstone, who has been an invaluable investment partner for us throughout Carrier I. Carrier's expertise lies in sound technical and financial evaluations of investment opportunities. We look forward to continuing to be a reliable partner for operators focused on asset development and value creation in resource plays and other capital intensive basins," he said.
Carrier's management team also includes Christina Chen, vice president, and Aaron Shimek, engineering manager. Previously, Chen was Carrier I’s vice president of finance. Previously, Shimek was senior reservoir engineer at Quantum Resources Management.
Law firm Vinson & Elkins LLP advised funds managed by Riverstone.
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