Energy investment firm Riverstone Energy Ltd. (REL) is closing in on its seemingly limitless fund, which is now 91% committed.

Despite that, Riverstone said it still has more than $700 million capital, based on money it has raised and committed but not yet invested. The firm’s uncommitted capital stands at about $304 million.

Riverstone lost $3.7 million during the first quarter of 2015 while committing $193 million to oil and gas companies.

“Despite the continued volatility in the energy market, we are confident that our disciplined investment strategy, strong capital position and close partnerships with world-class management teams will enable us to capitalize on the current market dislocation,” said Sir Robert Wilson, chairman of Riverstone.

Riverstone updated various investments in firm in Canada and the U.S., including operators in the Midcontinent, Permian Basin, Bakken and the Gulf of Mexico (GoM).

Riverstone, energy, investment, finances, table Riverstone’s Bets

As of the end of March, Riverstone invested $20 million in Rock Oil Holdings LLC as part of an $83 million commitment. The company, formed in March 2014, has capital commitments of $300 million, its website says.

Rock Oil is based in Denver and Houston and focused on the acquisition and development of assets in top-tier North American plays.

Recently, Rock Oil acquired 13,200 net acres in Howard County, Texas, and is expecting first production later in 2015.

The company operates in the Permian Basin as JPM EOC Operating and as of February had permits for three vertical wells—Lucky Day, Horse Sense and Family Truckster, according to Texas Railroad Commission records.

Rock Oil is led by Kyle R. Miller, chairman and CEO, who has 20 years experience building companies, including Chicago Energy Associates. Rock Oil will likely concentrate its efforts in the Eagle Ford Shale, the Utica Shale and the Permian Basin.

Riverstone has invested $74 million in Tulsa, Okla., Liberty Resources II LLC (Liberty II) out of a $100 million commitment, up from $66 million in February. Liberty II has used the funding for acquisitions.

In 2014, the company acquired about 53,000 net acres in the Williston Basin with net production of 4,000 barrels of oil equivalent per day (boe/d). In a deal with Emerald Oil Inc., Liberty II agreed to sell 31,500 noncore net acres in McKenzie County to Emerald in exchange for $78 million cash and 4,175 core net acres in Williams County.

Liberty II has six wells in the first quarter of 2015 and has nine wells in inventory.

Riverstone has invested $37 million of a $50 million commitment to Eagle Energy Exploration LLC (Eagle II), about $1 million more than reported by the firm in February.

Eagle II's primary strategy is to accumulate acreage for delineation and development in the Midcontinent. So far, the company has acquired about 6,800 net acres in the South Central Oklahoma Oil Province (Scoop) and 18,000 net acres in the Mississippi Lime. The assets produce about 3,600 boe/d.

Riverstone, energy, investment, portfolio, Permian Basin, GoM, Midcontinent, Bakken, table In the GoM, Fieldwood Energy LLC continues to drill through its watery empire, with more than 650 blocks in its possession, bought from companies such as Apache Corp. (APA).

In the first quarter of 2015, Fieldwood drilled three successful wells out of four and executed 18 recompletions.

Riverstone’s commitments stand at about roughly $917 million, or 75% of its $1.2 billion capital. It has spent $453 million, or 37% of the capital it has raised.

It has made 14 investments spanning conventional and unconventional oil and gas activities in the GoM, U.S., Western Canada, the U.K. North Sea, the Norwegian Sea and Mexico, as well as providing credit.

Contact the author, Darren Barbee, at dbarbee@hartenergy.com.