Zavanna, an upstream oil and natural gas company announced that GSO Capital Partners, a division of Blackstone, along with Zavanna’s existing management, have formed a partnership, River Bend Oil & Gas, focused on the acquisition and development of upstream assets in core areas of the Williston basin.
Since the partnership was formed in June 2013 with a $200m Preferred Equity Commitment from affiliates of GSO and a contribution of assets by Zavanna, the River Bend team has closed over 30 separate acquisitions for over $100m and has committed substantial additional capital to fund drilling.
River Bend is participating as a non-operating working interest partner in Zavanna’s development program, including a 3 rig program and over $200m gross operated capital budget for 2014.
Bill Coleman, CEO and founder of Zavanna, commented, "I am pleased to announce this joint venture with GSO. GSO is an experienced and supportive investor, and we are excited to team up with them to form a dynamic entity in the Williston Basin to further develop the largest oilfield in North America."
Robert Horn and Tim Murray, managing directors of GSO, commented, "Zavanna is a preeminent operator in the Williston Basin, and has consistently demonstrated industry leading well results in the Bakken formation. We are delighted to have the opportunity to invest with Bill Coleman and the Zavanna team as they seek to expand their capital program and capitalize on compelling opportunities in the Williston Basin.