Finance - Equity
Tall Oak Midstream II LLC will support midstream opportunities in other North American resource plays while Tall Oak Midstream LLC will continue operating and expanding its Midcontinent U.S. midstream assets.
Capital markets are open, and billions of dollars are flowing into the U.S. energy sector today. Private-equity investors are not seeing many bargains yet, but expect more will come if low commodity prices persist.
CohnReznick Capital Markets Securities LLC announced an expansion of its investment banking services to the oil and gas sector, including the hiring of additional, key personnel.
Fund II will acquire and develop upstream and midstream assets in the U.S. and Canada. The fund closed oversubscribed. To date, it has made three commitments.
PetroEdge is the fourth iteration of the Houston oil and gas company. Most recently, it acquired, developed, sold Lower Eagle Ford (Maness) acreage position in Brazos and Burleson counties, Texas.
Net proceeds of about $189 million will repay outstanding revolving credit facility borrowings, fund some future capex, and support general capital needs. The offer is scheduled to close April 21.
The money will support acquisition, development and operations of midstream, downstream petrochemical and fuel assets in U.S. and Canada. Next Wave handles NGL toll processing and manufacturing, among other projects.
Citrine will focus on small-cap and mid-cap investments requiring $25 million to $75 million of equity for upstream, midstream and oilfield services in North America.
Riverstone Global Energy and Power Fund VI provided up to $333 million, and Riverstone Energy Ltd. provided up to $167 million. This is Riverstone and Three Rivers’ third partnership.
There are about 4.6 million common units priced at $16.60 each. They represent limited partner interests owned by MRD Holdco LLC. The offering was secondary.