Riverstone/Carlyle Global Energy and Power Fund IV has agreed to sell R/C Sugarkane to an entity affiliated with Warwick. Financial terms of the transaction were not disclosed.
Riverstone Holdings LLC (“Riverstone”), a leading energy and power-focused private equity firm, and Warwick Energy Group (“Warwick”), an Oklahoma City-based oil and gas company, announced today the signing of a definitive agreement pursuant to which Riverstone/Carlyle Global Energy and Power Fund IV, L.P., has agreed to sell R/C Sugarkane LLC (“R/C Sugarkane”) to an entity affiliated with Warwick. Financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and is expected to close in early May.
R/C Sugarkane is a private upstream oil and gas company with non-operated working interests comprised of approximately 6,000 net acres in a core, liquids-rich window of the Eagle Ford Shale, and with approximately 3,000 boe/d of net daily production. The Riverstone transaction team managed its investment in partnership with the management team of Texas Crude Energy Inc. (“Texas Crude”), a private, Houston-based oil and gas company.
Peter Coneway, Managing Director at Riverstone, commented: “All of us at Riverstone would like to acknowledge our strong and close working relationship with Peter Fluor, K.C. Weiner and their colleagues at Texas Crude who offered us the opportunity to partner with them in their Sugarkane position in the Eagle Ford shale, which has proven to be one of the most successful resource plays in North America. ConocoPhillips acts as operator on nearly all of this particular acreage block in the Eagle Ford, and we wish Warwick success with this asset and in their partnership with Texas Crude and Conoco.”
Katherine Richard, CEO of Warwick, added: “The R/C SugarKane assets are world-class oil and gas properties located in the core of the Eagle Ford Shale. The Warwick team is excited to build on the value created by Riverstone, Texas Crude and ConocoPhillips in this field. The acquisition of these assets is part and parcel to our core strategy of acquiring, consolidating and developing long lived US gas reserves, primarily in unconventional reservoirs.”
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $25.6 billion to 106 investments in North America, Latin America, Europe, Africa and Asia.
About Warwick Energy Group
Investment funds managed by Warwick Energy Group own interests in over 5,000 wells in 13 states focused on onshore US natural gas and oil acquisition, exploration and production. The company was founded in 2010 by Katherine Richard, its CEO, and its technical team is led by industry veterans Shilpa Abbitt, Doug Bellis, Max Germin, Jessica Tompkins and Bob Wagner.