Private equity firm Riverstone has committed to invest up to USD200m in Kerogen Energy.
With offices in Houston, Texas, and Calgary, Alberta, Kerogen is focused on onshore unconventional oil and liquids exploration and production in the US and Canada.
Kerogen is led by chairman Alexander Kulpecz and president and chief executive Murray Grigg, both of whom have technical expertise and management track records specific to the exploration and development of hydrocarbons from shale oil reservoirs.
Since its formation in late 2010, the company has identified and completed the technical evaluations of proprietary liquids-rich shale plays in both the US and Canada, has acquired initial leaseholds and is now positioned to expand its leasehold interests and drill key projects.
Grigg says: "We are excited to have the support and confidence of Riverstone, a premier investor in the industry, as they understand and appreciate the unique technical capabilities of our team and the commercial opportunities that lie ahead for us in both the US and Canada."
Pierre Lapeyre and David Leuschen, co-founders of Riverstone, said: “Investing in exceptional and highly experienced management teams is a fundamental component of Riverstone’s long-held investment strategy. We believe that Alex, Murray and the rest of their team are uniquely qualified to identify onshore unconventional resources and that the Company is well positioned to capitalize on those opportunities. We are excited about Kerogen’s prospects and proud to be partnering with them."
