Rock Oil Holdings LLC received an equity commitment of up to $250 million from funds managed by private-equity firm Riverstone Holdings LLC, the company said March 13.
The funds included Riverstone Global Energy and Power Fund V and Riverstone Energy Ltd., for amounts up to $167 million and up to $83 million, respectively, the company said.
Additional equity came from Rock Oil’s management team, the company added.
"Our team is very pleased to join with an experienced partner like Riverstone and appreciate their support as we develop a new portfolio of assets," said Kyle R. Miller, Rock Oil’s chairman and CEO.
John Lancaster, a partner at Riverstone, added, “"Our equity commitment to Rock Oil reflects the confidence that we have in Kyle and the entire Rock Oil team. We believe this new venture is well situated to capitalize on the continued opportunities we see in their focus regions."
Rock Oil plans to focus on acreage in the Eagle Ford and Utica shales, as well as the Permian Basin, the company said.
Rivington Holdings LLC and its affiliate Rivington Securities LLC were the company’s financial advisors, Rock Oil said.
DLA Piper LLP was the company’s legal counsel, Rock Oil said, noting that Latham & Watkins LLP was Riverstone’s.
Rock Oil Holdings is a new oil and natural gas company based in both Denver and Houston, the company said.
Riverstone Holdings is based in New York.
Recommended Reading
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.
E&P Highlights: April 15, 2024
2024-04-15 - Here’s a roundup of the latest E&P headlines, including an ultra-deepwater discovery and new contract awards.
Exxon Mobil Green-lights $12.7B Whiptail Project Offshore Guyana
2024-04-12 - Exxon Mobil’s sixth development in the Stabroek Block will add 250,000 bbl/d capacity when it starts production in 2027.
Exxon Ups Mammoth Offshore Guyana Production by Another 100,000 bbl/d
2024-04-15 - Exxon Mobil, which took a final investment decision on its Whiptail development on April 12, now estimates its six offshore Guyana projects will average gross production of 1.3 MMbbl/d by 2027.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.