Riverstone Energy Limited Closing of Rock Oil Sale (7465L)
October 05 2016 - 6:30AM
UK Regulatory
TIDMRSE
RNS Number : 7465L
Riverstone Energy Limited
05 October 2016
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited
5 October 2016
Riverstone Energy Limited Announces Closing of Rock Oil Sale
London, UK (5 October 2016). Riverstone Holdings LLC
("Riverstone"), the Manager of Riverstone Energy Limited ("REL" or
the "Company"), has announced that the previously announced sale of
100% of the membership interests in Rock Oil Holdings LLC's ("Rock
Oil") affiliate to SM Energy Company, closed today.
The transaction resulted in gross cash proceeds to REL of
approximately $230 million. This implies a gross multiple of
invested capital of 2.0x and a gain of $116 million on the
Company's investment of $114 million. Of these proceeds, $216
million was received by REL at closing and the rest is expected to
be released following a nine month escrow period. The sale excludes
certain assets comprised of over 1,250 mineral acres in Howard
County, TX. The Company's gross profit will be subject to taxes and
a performance fee.
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.
Media Contacts:
Riverstone Energy Limited:
Alfredo Marti
Brian Potskowski
+44 203 206 6300
This information is provided by RNS
The company news service from the London Stock Exchange
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