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Riverstone to invest in oil and gas company Three Rivers

The Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings, will make an investment in Three Rivers Operating Company, a private upstream oil and gas company based in Austin, Texas.

Separately, Three Rivers will acquire certain assets of Chesapeake Energy Corporation. The assets are primarily located in the Permian Basin of West Texas and Southeast New Mexico.

Terms of the transaction were not disclosed.

Three Rivers will concentrate its efforts in the Permian Basin and will be managed by chief executive Michael Wichterich, as well as Gabe Ellisor, Jim Keisling and Barry Smith.

Wichterich formerly served as the chief financial officer of Mariner Energy during Riverstone’s investment in that company.

Wichterich says: "Riverstone brings both capital and significant E&P experience to facilitate our strategic plans. We are excited to partner with them in pursuit of the ambitious goals we have set for Three Rivers."

Pierre Lapeyre and David Leuschen, co-founders of Riverstone, said: "We are excited to work again with Mike, as well as his team of experienced executives. This investment is consistent with Riverstone’s objective of partnering with proven management teams that possess strong track records with basin-focused operating expertise. We look forward to supporting the company’s growth."

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