Energy SpA — Capital/Financing Update 2014

Mar 13, 2014

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RNS Number : 1861C

Riverstone Energy Limited

13 March 2014

March 13, 2014

Rock Oil Holdings, LLC Announces $250 Million Commitment

Denver, CO, Houston, TX and London, UK (March 13, 2014) - Rock Oil Holdings LLC ("Rock Oil" or the "Company"), a newly-formed, Denver and Houston-based oil and gas company, today announced an equity commitment of up to $250 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 $167 million from Riverstone Global Energy and Power Fund V ("Fund V") and up to $83 million from Riverstone Energy Limited ("REL").

The Rock Oil management team previously built a substantial acreage position along with associated production in the Eagle Ford Shale, which it successfully sold in separate transactions to Sabine Oil and Gas and Sanchez Energy Corporation in 2012 and 2013, respectively, at material premiums to invested capital.

The team is led by Chairman and CEO Kyle R. Miller, who additionally has an outstanding track record leading exploration and production companies including Chicago Energy Associates.

Similar to the strategy employed by the Rock Oil team in the Eagle Ford Shale, Rock Oil will apply the management team's land and technical expertise to build concentrated acreage positions with substantial production in areas that are known for repeatable and predictable results. Rock Oil will likely concentrate its efforts in the Eagle Ford Shale, the Utica Shale and the Permian Basin, which are well suited to the Company's land and technical capabilities.

Mr. Miller commented:  "Our team is very pleased to join with an experienced partner like Riverstone and appreciate their support as we develop a new portfolio of assets."

John Lancaster, Partner at Riverstone, added: "Our equity commitment to Rock Oil reflects the confidence that we have in Kyle and the entire Rock Oil team. We believe this new venture is well situated to capitalize on the continued opportunities we see in their focus regions."

Rivington Holdings, LLC, and its affiliate, Rivington Securities, LLC (FINRA member), acted as exclusive financial advisor to Rock Oil.  DLA Piper LLP and Latham & Watkins LLP provided legal counsel to Rock Oil and Riverstone, respectively.

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 approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $25.4 billion to 106 investments in North America, Latin America, Europe, Africa and Asia.

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. The company is uniquely positioned to benefit from the large number of investment opportunities being driven by the North American energy revolution and the continued growth in global energy demand. REL aims to capitalize on the opportunities presented by Riverstone's energy investment platform. REL is listed on the London Stock Exchange, trading under the symbol RSE.

Media Contacts

For Riverstone Energy Limited:

Alfredo Marti

+44-20-3206-6300

John Cosgrove

+1-212-993-0076

Brunswick:

Andrew Mitchell

Robin Wrench

+44-207-404-5959

This information is provided by RNS

The company news service from the London Stock Exchange

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