Pine Brook has provided $300 million in financing to Red Bluff Resources Holdings LLC, an Oklahoma City-based oil and gas company. Rivington Holdings LLC and its affiliate Rivington Securities LLC provided financial advice to Red Bluff on the transaction.
NEW YORK—August 5, 2015—Pine Brook, an investment firm focused on building businesses in the energy and financial services sectors, today announced a $300 million line of equity investment in Red Bluff Resources Holdings, LLC. Red Bluff is a newly-formed energy company focused on acquiring, exploring, and developing onshore crude oil and natural gas reserves in the U.S. Mid-Continent and Permian basins.
Headquartered in Oklahoma City, Red Bluff is led by Chief Executive Officer Timothy Haddican, an experienced E&P executive who has played key roles with a number of oil and gas companies over his 30-year career. Most recently, Mr. Haddican was an initial member and Vice President of Operations & Engineering with RKI Exploration & Production, a private operator of assets in the Permian and Powder River basins. In more than nine years at RKI, Haddican oversaw the drilling and completion of more than 200 wells, and managed a team of nearly 60 people.
“We are excited to partner with Tim to build a successful exploration and production company. The Red Bluff team is known for its operating excellence. That expertise will be critically important as we navigate today’s challenging commodity price environment,” said Andre Burba, Managing Director on Pine Brook’s energy investment team. “Red Bluff has a well thought-out strategy for identifying and accessing attractive opportunities and the local knowledge required for success.”
“Pine Brook is the ideal partner for Red Bluff,” said Haddican. “It was critical for us to select a firm that had both the financial resources and the strong understanding of the energy industry’s specific challenges and opportunities. Andre, Dick Stoneburner, Claire Harvey and the rest of the Pine Brook team not only meet those criteria, but they also have experience making business building investments that we believe will be extremely valuable as we work together to execute our plan.”
Rivington Holdings, LLC, and its affiliate, Rivington Securities, LLC (FINRA member) served as exclusive financial advisor and Crowe & Dunlevy served as legal counsel to Red Bluff. Vinson & Elkins LLP acted as legal counsel to Pine Brook.
Pine Brook targets investments in new and growing companies in the financial services and energy sectors. The firm typically finances these businesses with equity rather than debt, and often uses a line of equity funding structure in which a multi-year business plan is matched with a long-term capital arrangement.
About Pine Brook
Pine Brook is an investment firm that manages more than $6.0 billion of limited partner commitments that makes “business building” and other equity investments, primarily in energy and financial services businesses. Pine Brook’s team of investment professionals collectively has over 300 years of experience financing the growth of businesses with equity, working alongside talented entrepreneurs and experienced management teams to build businesses of scale without relying on acquisition leverage. For more information about Pine Brook, please visit the company’s web site at www.pinebrookpartners.com.
About Red Bluff Resources
Red Bluff Resources, LLC is a newly formed independent oil and natural gas company based in Oklahoma City, Oklahoma engaged in the acquisition, development and production of onshore oil and natural gas in North America with a focus in the Mid-Continent and Permian Basin.