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Riverstone taps $7.7bn global fund for Liberty Resources II investment

7 Nov 2013

cooker ovenEnergy-focused private equity firm Riverstone has tapped its $7.7bn fifth global fund to back newly-formed US oil and gas company Liberty Resources II.

The firm provided $300 of the $350m Liberty received in a funding commitment, with $200m of that coming from its multibillion dollar global fund and $100m from Riverstone Energy Limited.

Oakmont Corporation provided the remaining $50m, Liberty said.

Riverstone and Liberty II management had previously partnered for Liberty Resources LLC, an oil and gas company focused on the Bakken Shale of North Dakota.

Over the course of two years and through thirteen acquisitions Liberty established a land position of approximately 43,000 net acres and drilled and completed 29 wells in the Bakken Shale and Three Forks formations, ultimately achieving over 6,000 boepd of net production.

The majority of Liberty’s assets were sold to Kodiak Oil & Gas in July 2013 for about $680m.

Riverstone partner John Lancaster said, “Our equity commitment to Liberty II reflects the confidence that we have in Chris [Wright], Mark [Pearson], Paul [Vitek] and the entire Liberty team.

“This investment exhibits Riverstone’s strategy of re-partnering with proven management teams that possess advantaged industry expertise and deep, basin-focused operating experience. We are excited about this new venture and hope to build on the success we had with Liberty I.”

Riverstone closed Global Energy & Power Fund V above its $7.5bn hard cap in the summer.

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