• Riverstone Holdings LLC invests up to $500 million in Three Rivers III

    Posted in Press Releases.

    Austin, TX, New York, NY and London, UK (8 April 2015) – Three Rivers Natural Resource Holdings III LLC (“Three Rivers III” or the “Company”), a newly-formed, Austin-based oil and gas company today announced an equity commitment of up to $500 million from funds managed by energy private equity firm Riverstone Holdings LLC (“Riverstone”) and additional amounts from the Company’s management team. The Riverstone commitment comprises up to $333 million from Riverstone Global Energy and Power Fund VI and up to $167 million from Riverstone Energy Limited (“REL”).

    Three Rivers III represents the third partnership between Riverstone and Three Rivers III’s management team after the successful sales of substantially all of the assets of Three Rivers Natural Resource Holdings LLC (“Three Rivers I”) and Three Rivers Natural Resource Holdings II LLC (“Three Rivers II”). The Three Rivers III team will continue to be led by Mike Wichterich (CEO and President). Similar to Riverstone’s two prior successful partnerships with Three Rivers III management, the Company will continue to focus on oil and gas acquisition opportunities in the Permian Basin, where its management team has a proven track record of success. The team has significant experience in managing exploration and production assets, both in the Permian Basin and other regions of the United States.

    Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone, added, “We are delighted to be working with Mike and his team again. This investment exemplifies Riverstone’s strategy of re-partnering with proven management teams with deep, basin-focused operating expertise. We look forward to repeating the success we had with both Three Rivers I and Three Rivers II.”

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