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KKR and Riverstone merge Barnett Shale interests under new company

9 Jul 2014

gas drillPrivate equity firms KKR and Riverstone have fused together assets to increase their coverage of Texas’ Barnett Shale by creating Trinity River Energy.

The deal brings together KKR’s Natural Resources Funds (KNR) assets and Riverstone’s Legend Production Holdings assets, creating about 258 million cubic feet equivalent of gross production in the basin. It makes Trinity one of the largest operators in the Barnett Shale.

KKR member Jonathan Smidt said he hopes the increased position on the Barnett Shale will “capture meaningful operational synergies as well as create incremental opportunities to generate additional value for our investors”.

The transaction is expected to be completed in the third quarter of this year.

Earlier this year KNR joined forces with energy group Fleur de Lis Energy to make investments in producing oil and gas properties in North America. The firm said that KNR acquisitions made with Fleur will not be acquired by form part of Trinity.

This month Riverstone and AES Corp sold 50 per cent of their stake in solar power company Silver Ridge Power to solar wafers maker SunEdison, retaining their other 50 per cent of the business.

Riverstone-backed Vantage Energy filed for an IPO with the Securities and Exchange Commission this week.

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