Canadian International Oil Corp. Announces Completed Private Placement, Partnership With Riverstone Holdings
CALGARY, Alberta, March 27, 2014 /CNW/ - Canadian International Oil Corp. ("CIOC") announced today an equity commitment of C$200 million from energy private equity firm Riverstone Holdings LLC ("Riverstone"). The Riverstone commitment comprises C$133 million from Riverstone Global Energy and Power Fund V ("Fund V") and C$67 million from Riverstone Energy Limited ("REL"). This investment will be used to fund CIOC's development program in the Western Canadian Deep Basin.
Since its founding in 2010, CIOC has aggregated one of the largest and most advantaged land positions in the emerging Montney and Duvernay formations of Western Canada's Deep Basin. The company controls and operates 100% of this asset base, which comprises approximately 400,000 acres and currently produces approximately 3,000 boe per day, and includes one of the highest performing liquids wells in the Montney trend. CIOC is currently in the process of further delineating its resource base through a combination of development wells and step-out pilot drilling.
Scott Sobie, President & CEO of CIOC, commented, "We are extremely excited to work with Riverstone as we embark on the next phase of our development strategy. Riverstone is a highly regarded energy investor, and we look forward to our partnership going forward. We are strongly encouraged by the initial results of our 2013 program in our Montney acreage, and we expect to expand it significantly in 2014 with Riverstone's support."
Robert Tichio, a Partner of Riverstone, said, "Our significant equity commitment to CIOC reflects our confidence in Scott and the CIOC team as well as in the rich opportunity set we see in the Deep Basin. This investment exemplifies Riverstone's strategy of partnering with proven management teams with extensive, basin-focused operating expertise."
TD Securities acted as Lead Advisor to CIOC for the offering along with GMP Securities L.P., CIBC World Markets Inc. and BMO Capital Markets acting as Strategic Advisors.
About Canadian International Oil Corp.
Founded in 2010, CIOC is a privately held oil and gas company based in Calgary. CIOC's primary asset base is approximately 400,000 acres in the Deep Basin of West Central Alberta.
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $25.6 billion to 107 investments in North America, Latin America, Europe, Africa and Asia.
About Riverstone Energy Limited
REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. The company is uniquely positioned to benefit from the large number of investment opportunities being driven by the North American energy revolution and the continued growth in global energy demand. REL aims to capitalize on the opportunities presented by Riverstone's energy investment platform. REL is a member of the FTSE 250 and its ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE.
For Canadian International Oil Corp.:
Scott W. Sobie
President and Chief Executive Officer
For Riverstone Holdings LLC:
James David or Jeffrey Taufield
Kekst and Company
SOURCE Canadian International Oil Corp.