With this support, Three Rivers II has executed an agreement to buy certain assets located in the Permian Basin of West Texas from Meritage Energy Company.
These properties include 15,000 net acres with current production of about 1,900 barrels of oil equivalent per day located in Howard, Glasscock, Martin, Dawson and Upton Counties, Texas.
Three Rivers II CEO Mike Wichterich said the Meritage assets will provide a strong foundation for the firm as it continues to seek attractive new opportunities to expand its Permian position over time.
The management team of Three Rivers II plans to focus on oil and gas acquisition opportunities in the Permian Basin.
Riverstone co-founders Pierre Lapeyre and David Leuschen said, "This investment exemplifies Riverstone’s strategy of re-partnering with proven management teams with deep, basin-focused operating expertise."
