CNOR Announces Joint Venture with Tourmaline Oil

RNS Number : 2923W

Riverstone Energy Limited

06 November 2014

 

Press Release

November 6, 2014

Canadian Non-Operated Resources Corp. Announces Joint Venture with Tourmaline Oil Corp.

London, UK (November 6, 2014) - Canadian Non-Operated Resources Corp. ("CNOR") announced that it has entered into an arrangement with Tourmaline Oil Corp. ("Tourmaline").  The agreement is non-binding and is subject to the negotiation of definitive documents.  The agreement covers the Peace River High operated area in Alberta, Canada, through which Tourmaline will sell 25% of the existing complex (all lands, wells, production, reserves, and facilities) for C$500 million.  Subsequent to deal close, which is expected to occur in December 2014, CNOR will be a 25% working interest joint venture partner in the complex and will be responsible for its share of expenditures on a go forward basis.

Tourmaline plans to accelerate the planned exploration and production program commencing in 2015, with both an accelerated drilling program and infrastructure build-out resulting in an expenditure of at least C$400 million per annum over the duration of the five-year plan.  Future acquisitions within the Peace River High Joint Venture area will also be shared 75% Tourmaline and 25% CNOR.  Tourmaline is a publicly traded, Canadian intermediate crude oil and natural gas exploration and production company focused on long term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.

REL originally committed $90 million to CNOR on August 12, 2014.  As of September 30, 2014, REL has committed a total of $674 million, or approximately 55% of total capital raised, to nine energy companies 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, and Mexico.

About Canadian Non-Operated Resources Corp.

Canadian Non-Operated Resources Corp. is a newly formed, Calgary-based oil and gas company, focused on partnerships with top tier operators to develop oil and gas assets in the Western Canadian Sedimentary Basin. CNOR seeks to provide non-operated partner capital due to the vast and growing capital requirements inherent to full-scale development of unconventional resources. CNOR is led by Richard Grafton, Founder and Chief Executive Officer of Grafton Asset Management Inc.

About Riverstone Holdings LLC

Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed approximately $28 billion to 113 investments in North America, Latin America, Europe, Africa, and Asia.

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.  The company is uniquely positioned to benefit from the large number of investment opportunities being driven by the North American energy revolution and the continued growth in global energy demand.  REL aims to capitalize 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 invested in nine energy companies 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, and Mexico.

Media Contacts

For Riverstone Energy Limited:

Alfredo Marti

[phone]

John Cosgrove

[phone]

Brunswick:

Andrew Mitchell

Robin Wrench

[phone]

 

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