Riverstone Holdings Makes Additional Investment in Three Rivers Natural Resource Holdings LLC to Significantly Expand its Position in the Permian Basin

Posted on: 23 December 2011

The Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings LLC ("Riverstone"), announced today that an additional investment was made in Three Rivers Natural Resource Holdings LLC ("Three Rivers"), a private upstream oil & gas company based in Austin, Texas. Separately, Three Rivers acquired certain assets located in the Permian Basin of West Texas and Southeast New Mexico from Samson Resources and its affiliates ("Samson").

Combining the most recent acquisition with the transaction announced in April 2010, Three Rivers has an ownership interest in more than 1,400 wells, with daily production of approximately 7,400 barrels of oil equivalent per day, and proven reserves of 86 million barrels of oil equivalent. Three Rivers expects 2011 full year revenue to be approximately $150 million.

Mike Wichterich, CEO of Three Rivers said, "Riverstone's demonstration of confidence in our team and business plan represents an exciting opportunity to grow our operations throughout the Permian. Without their experience and knowledge of the E&P business, our transaction with Samson would not have been possible."

Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone, added, "We are excited to support Three Rivers in achieving this milestone in their business plan. We look forward to their continued growth."

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