Riverbend Energy offloads its oil and gas assets in North America for $1.8 billion

U.S. investment firm Riverbend Energy Group has completed the sale of its unoperated stake in oil and gas assets in North America to an undisclosed company for $1.8 billion.

The sale involved Riverbend’s interests in Riverbend Oil & Gas VI, Riverbend Oil & Gas VI-B and Riverbend Oil & Gas VIII.

The divested portfolios include non-operating interests in a diversified asset base in the Bakken/Three Forks, Utica, Haynesville and Fayetteville areas.

As of May 1, 2022, these assets had a production capacity of 47,000 barrels of oil equivalent per day from more than 11,000 wells.

Riverbend CEO Randy Newcomer, Jr. said, “Our team delivered an excellent result to a group of esteemed institutional investors, once again through the execution of our acquisition and asset management process. assets, leveraging our proprietary systems and in-house developed technology to aggregate high value assets.

“We have now successfully monetized seven segregated funds since our inception in 2003, establishing a consistent and enviable track record of value creation that reflects the excellence of our various disciplines, as well as the courage and determination of our team to unearth opportunities. in a highly volatile and dynamic business environment.

“We will continue to offer similar investment opportunities to institutional investors in the traditional energy sector, alongside our expanding energy transition segment.”

In May 2022, Reuters reported that Riverbend was considering selling its three portfolios, including Riverbend VI, VI-B, and VIII, for around $2 billion to capitalize on soaring commodity prices.

Riverbend said it will now continue to manage and grow funds VII and IX.

Riverbend VII focuses on operated properties in the Midland Basin, while Riverbend IX focuses on mining and royalty interests in key shale plays.

Riverbend will seek to acquire unoperated interests in assets in the Midland, Delaware and Williston oil basins, and the Barnett, Fayetteville, Haynesville and Marcellus/Utica natural gas basins.

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