The divested portfolio held non-operated interests in a diversified asset base across the Bakken/Three Forks, Utica, Fayetteville and Haynesville regions in North America
US-based investment firm Riverbend Energy Group (Riverbend) has completed a previously announced divestment of its key non-operated assets in North America for $1.8bn.
The transaction involved selling all equity interests in Riverbend Oil & Gas VI, Riverbend Oil & Gas VI-B and Riverbend Oil & Gas VIII.
The portfolio held non-operated interests in a diversified asset base across the Bakken/Three Forks, Utica, Fayetteville and Haynesville regions.
The assets had a production of 47,000 barrels of oil equivalent per day from over 11,000 wells, as of 1 May 2022.
Riverbend CEO Randy Newcomer, Jr. said: “Our team has delivered a great result for a group of esteemed institutional investors once again through the execution of our proven acquisition and asset management process, leveraging our proprietary systems and in-house developed technology to aggregate high value assets.
“We have now successfully monetised seven separate funds since our founding in 2003, establishing a consistent and enviable track record of value creation that reflects the excellence of our various disciplines as well as the grit and determination of our team to unearth opportunities in a highly volatile and dynamic business environment.
“We will continue to provide similar investment opportunities to institutional investors in the traditional energy business, alongside our rapidly expanding energy transition segment.”
The company will continue to manage and expand funds VII and IX. The funds target assets in Midland Basin, and mineral and royalty interests across shale plays respectively.
Riverbend will also seek to acquire non-operated working interests in the Midland, Delaware, and Williston oil basins and Barnett, Fayetteville, Haynesville and Marcellus/Utica natural gas basins.