Riversone Holdings Backs Permian Play

Transaction Type
Sellers
Buyers
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Description

To buy 15,000 net acres with current production of about 1,900 barrels of oil equivalent per day in Howard, Glasscock, Martin, Dawson and Upton counties, in Texas.

Private equity firm Riverstone Holdings LLC plans to invest in Three Rivers Natural Resource Holdings II LLC, an Austin-based oil and gas company focusing on the Permian Basin, for an undisclosed amount.

The properties include 15,000 net acres with current production of about 1,900 barrels of oil equivalent per day in Howard, Glasscock, Martin, Dawson and Upton counties, in Texas.

The management of Three Rivers II led Three Rivers Natural Resource Holdings LLC (“Three Rivers I”), which sold its assets to an affiliate of Concho Resources Inc. earlier this year for approximately $1 billion.

Mike Wichterich, chief executive of Three Rivers II, said, “We are excited to continue our successful relationship with Riverstone and appreciate their confidence in our team and business plan. The Meritage assets will provide a strong foundation for Three Rivers II as we continue to seek attractive new opportunities to expand our Permian position over time.”

Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone, added, “We are delighted to be working with Mike and his team again. 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 Three Rivers I.”
Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with over $22 billion of equity capital raised across seven investment funds and co-investments, including the world’s largest renewable energy fund.