Closing of Rock Oil Sale

RNS Number : 7465L

Riverstone Energy Limited

05 October 2016

 

- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -

Riverstone Energy Limited

5 October 2016

Riverstone Energy Limited Announces Closing of Rock Oil Sale

London, UK (5 October 2016). Riverstone Holdings LLC ("Riverstone"), the Manager of Riverstone Energy Limited ("REL" or the "Company"), has announced that the previously announced sale of 100% of the membership interests in Rock Oil Holdings LLC's ("Rock Oil") affiliate to SM Energy Company, closed today.

The transaction resulted in gross cash proceeds to REL of approximately $230 million. This implies a gross multiple of invested capital of 2.0x and a gain of $116 million on the Company's investment of $114 million. Of these proceeds, $216 million was received by REL at closing and the rest is expected to be released following a nine month escrow period. The sale excludes certain assets comprised of over 1,250 mineral acres in Howard County, TX. The Company's gross profit will be subject to taxes and a performance fee.

About Riverstone Energy Limited

REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. REL aims to capitalise on the opportunities presented by Riverstone's energy investment platform.  REL is a member of the FTSE 250 and its ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE.  To date, REL has made 16 investments spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the U.K. North Sea, the Norwegian Sea, Mexico and credit.

For further details, see www.RiverstoneREL.com

Neither the contents of Riverstone Energy Limited's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.

Media Contacts:

Riverstone Energy Limited:

Alfredo Marti

Brian Potskowski

[phone]

 

END

 

 

STRLIFSDIELEIIR