Riverstone to invest up to USD300m in Eagle Energy Exploration
Eagle Energy Exploration has received an equity commitment of up to USD300m from energy private equity firm Riverstone.
The Riverstone commitment comprises up to USD200m from Riverstone Global Energy and Power Fund V and up to USD100 m from Riverstone Energy Limited (REL).
Eagle will pursue oil and gas exploration and production opportunities in the Mid-Continent region of the US, leveraging its operating experience in the region and building on its prior success accumulating, delineating and developing acreage in the Mississippi Lime.
This venture represents the second partnership between Riverstone and Eagle management, led by Steve Antry (CEO and chairman), Michael O'Kelley (president and COO) and Ben Kemendo (CFO). The team previously partnered to build a substantial position in the horizontal Mississippi Lime trend, becoming one of the largest producers in the play prior to selling to Midstates Petroleum Company in October 2012.
Antry says: "We are excited to be partnering again with Riverstone and look forward to building another significant Mid-Continent based energy company with them. We plan to continue to be a major player in the Oklahoma oil and gas community."
Pierre Lapeyre and David Leuschen, co-founders of Riverstone, says: "Our significant equity commitment to Eagle reflects our confidence in Steve and the team he has assembled, as well as the opportunity set we see in the Mid-Continent region. We achieved an outstanding result in our previous venture and are excited to be working together again with a similar focus."
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