For about $446 million, Liberty Resources II LLC closed its Williston Basin assets acquisition, which was funded through funds-based equity investments managed by private-equity firm Riverstone Holdings LLC, the company said March 12.

The funds included Riverstone Global Energy and Power Fund V, Riverstone Energy Limited, Liberty II management, the company said, noting that other investors and third-party debt also funded the acquisition.

Riverstone Energy Limited contributed $66.4 million, including its $13.3 million shares of the deposit funded January 30, Liberty Resources II LLC said.

The acquired properties span about 53,000 net acres, spread across Williams, Divide, Burke and McKenzie Counties, the company said, noting that more than 4,000 barrels of oil equivalent per day (BOE/d) are produced from the Bakken and Three Forks formations.

This was the first acquisition by Liberty Resources II, which formed in November 2013, the company noted.

"Over the past two years, Liberty's unique completions approach has consistently demonstrated the highest average production rates of any operator in the Bakken formation,” said Chris Wright, chairman and CEO.

He continued, “This acquisition provides us with exposure to highly attractive areas of the basin where we have not previously operated and where we hope to achieve similar operational success as that achieved during our team's prior venture."

Denver-based Liberty Resources II LLC acquires and produces oil and natural gas in North Dakota.