Riverstone Holdings LLC has agreed to acquire a majority stake in Centennial Resource Development LLC for up to $175 million. The sellers include NGP Energy Capital. Centennial is an exploration and production company focused on acquiring and developing natural gas resources in the Permian Delaware Basin, West Texas. The deal is expected to close in late September 2016.
Riverstone Energy Limited (“REL”) has signed an agreement alongside other funds affiliated with Riverstone Holdings, LLC (“Riverstone”) to acquire a majority stake in Centennial Resource Development LLC (“Centennial”) from NGP Energy Capital and certain other related coinvestment funds.
Centennial is an exploration and production company focused on the acquisition and development of oil and liquids-rich natural gas resources in the Permian Delaware Basin, West Texas.
The investment by REL is expected to comprise up to US$175 million depending upon approval for the transaction by the other Riverstone affiliated funds.
Closing of the transaction is expected to occur in late September 2016.
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 $34 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, Houston, and Mexico City, Riverstone has committed approximately $30 billion to over 120 investments in North America, Latin America, Europe, Africa, and Asia. Visit www.riverstonellc.com for more information.
About Riverstone Energy Limited:
REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. REL aims to capitalise on the opportunities presented by Riverstone’s energy investment platform. REL is a member of the FTSE 250 and its ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. To date, REL has made 16 investments spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the U.K. North Sea, the Norwegian Sea, Mexico and credit.
For further details, see www.RiverstoneREL.com
Neither the contents of Riverstone Energy Limited’s website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.