• Riverstone Holdings and Investor Group to invest up to C$465 Million in CanEra Inc.

    Posted in Press Releases.

    Calgary, AB, New York, NY and London, UK (January 21,2015) – Riverstone Holdings (“Riverstone”) today announced that CanEra Inc. (“CanEra III” or “Company”), a newly-formed, Calgary-based oil and gas company, has received an equity commitment of up to approximately C$465 million, including C$225 million from funds managed by Riverstone and additional amounts from NGP Energy Capital Management, LLC and the Company’s management team. Riverstone Energy Limited (“REL”) has committed to fund up to C$75 million of Riverstone’s obligations to CanEra III.

    CanEra III represents the third partnership between Riverstone and CanEra III’s management team, which is led by Paul Charron (Chairman and CEO) and David Broshko (President). Similar to Riverstone’s prior, successful partnerships with CanEra III management in CanEra Resources Inc. and CanEra Energy Corp., CanEra III is being established to pursue a strategy that is focused on the acquisition, exploitation and exploration of large oil- and/or gas-in-place deposits in the Western Canadian Sedimentary Basin (“WCSB”). The WCSB is an area where CanEra III’s management team has had considerable prior success and where the team has an extensive network of industry relationships.

    Robert Tichio, Partner at Riverstone, commented: “We are excited to establish a third partnership with Paul, David, and the rest of the CanEra III management team. Our significant equity commitment reflects the confidence that we continue to have in the CanEra III team, as well as the opportunity set we see in the Western Canadian Sedimentary Basin. This investment also serves to highlight Riverstone’s strategy of re-partnering with proven management teams that have differentiated industry expertise and deep, basin-focused operating experience.”

Comments are closed.