[Context: On August 15, Riverstone Energy Limited announced it received the balance of its proceeds from the sale of Rock Oil Holdings. Further details and related links are below.]
Escrow Proceeds Received on Rock Oil Sale
London, UK (15 August 2017) – Riverstone Energy Limited (“REL” or the “Company”), announced on 5 October 2016 the sale of 100% of its membership interests in Rock Oil Holdings LLC (“Rock Oil”). The transaction resulted in gross cash proceeds of approximately $230 million, of which $216 million were received by REL in October 2016. REL confirms that the balance of the $14 million proceeds has been received following completion of the nine month escrow period.
In order to satisfy the terms of the performance allocation payment, Riverstone Energy Capital Partners LP (“RELCP”) intends to acquire a further £1,102,398 of the Company’s shares through secondary market purchases at prices below the prevailing published net asset value of the Company over a period of up to 4 months. RELCP has entered into an agreement with J.P. Morgan Securities plc (“JPMS plc”) under which it has issued an irrevocable instruction to JPMS plc to manage the share purchase programme.
The Company confirms that it currently has no inside information relating to the Company which has not been publicly disclosed.
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 17 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.