DALLAS and NEW YORK, Nov. 30,
2015 /PRNewswire/ -- Riverstone Holdings LLC
("Riverstone") announced today that Rover Petroleum, LLC ("Rover"
or "the Company"), a newly-formed Dallas-based oil and gas company, has received
an equity commitment of up to $250
million from funds managed by Riverstone and additional
amounts from the Company's management team.
Rover will pursue a strategy of acquisition and development of
conventional oil assets in North
America, concentrating on opportunities within the
Texas and Oklahoma region. The Company will target
mature, underdeveloped oil fields, which it will enhance through
secondary recovery, operational improvement and conventional
exploitation techniques.
Rover is led by CEO Larry Keller,
who will be joined by co-founders John
Chadwick (COO) and James
Chriesman (CFO). Mr. Keller has spent his entire 32-year
career focused on conventional oil exploitation and redevelopment,
and has a long history of working together with Mr. Chadwick and
Mr. Chriesman. The management team has built a vast network of
industry relationships within its primary regions of focus, and has
demonstrated tremendous success pursuing a similar strategy in
prior roles.
Mr. Keller said: "We're excited about forging a long-term
relationship with Riverstone. Rover's strategy will engage
management's proven expertise to further exploit mature properties
within established, high-producing basins."
Brett Staffieri, Managing
Director at Riverstone, added: "We are excited to form a new
partnership with Larry and the Rover team. Conventional resource
exploitation has been a core investment theme since Riverstone was
founded. With the Rover team's exploitation strategy, proven track
record and strong technical capabilities, we believe that the
Company is uniquely positioned to capitalize on the prevailing oil
environment."
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 $32 billion of
capital raised to date. Riverstone conducts buyout and growth
capital investments in the exploration & production, midstream,
oilfield services, power and renewable sectors of the global energy
industry. With offices in New
York, London, Houston and Mexico
City, the firm has committed over $30
billion to more than 120 investments in North America, Latin
America, Europe,
Mexico, Africa and Asia.
Contacts:
James David or Jeffrey
Taufield
Kekst and Company
212.521.4800
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SOURCE Riverstone Holdings LLC