Fortress Announces Acquisition of Limited Partner Interest in Red Rocks Energy Partners
November 11 2016 - 4:30PM
Business Wire
Investment Focused on Developing Oil and Gas
Assets in over 7,200 Acres in SCOOP Play
Fortress Investment Group LLC (NYSE:FIG, “Fortress”) today
announced that certain Fortress managed funds and accounts
(“Fortress Credit Funds”) have acquired a limited partner interest
in Red Rocks Energy Partners L.P. to own and develop oil and gas
assets in over 7,200 acres in the SCOOP play in Grady, McClain, and
Garvin Counties, Oklahoma.
Over the last 5 years funds within Fortress’ Credit business
(“Fortress Credit”) have invested over $1.5 billion in both debt
and equity across the power, renewables, midstream and upstream
energy sectors, focused on opportunistic asset level investments.
This transaction is the second significant equity investment in
exploration and production since the commodity price downturn,
following Fortress Credit’s $350 million partnership with IOG
Capital, LP to provide drilling capital to high quality operators
in the United States. For the Red Rocks transaction, Fortress
Credit has partnered directly with a highly experienced operator,
Red Rocks Resources LLC, to develop conventional and unconventional
assets in an emerging area of the SCOOP. The acquired assets have
significant current production, low-risk economic vertical
locations and highly economic horizontal drilling opportunities in
the prolific Woodford shale.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified
global investment manager with approximately $70.1 billion of
assets under management as of September 30, 2016. Founded in 1998,
Fortress manages assets on behalf of over 1,750 institutional
clients and private investors worldwide across a range of private
equity, credit, liquid hedge funds and traditional asset management
strategies. The Fortress Credit business invests globally in credit
and assets and includes both private equity style credit-focused
funds and hybrid hedge fund structures. Fortress is publicly traded
on the New York Stock Exchange (NYSE: FIG). For additional
information, please visit www.fortress.com.
About Red Rocks Resources LLC
Red Rocks Resources LLC is a private oil and gas company founded
in 2001 and headquartered in Oklahoma City, Oklahoma. Red Rocks is
led by three experienced oil executives, Kevin Fitzgerald, Randy
Stalcup and Jim Stubbs, with over 110 years of combined experience,
and operates oil and gas assets throughout the Mid-Continent United
States.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161111005810/en/
INVESTOR & MEDIA RELATIONSFortress Investment Group
LLCGordon E. Runté, +1-212-798-6082grunte@fortress.comorRed Rocks
Resources LLCRandy Stalcup, +1-405-600-3065
x102Stalcup@redrocksresources.com
Simplify Exchang (NYSE:FIG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Simplify Exchang (NYSE:FIG)
Historical Stock Chart
From Apr 2023 to Apr 2024