HOUSTON, CALGARY, Alberta and NEW YORK, Sept. 27, 2012 /CNW/ - Riverstone Holdings LLC ("Riverstone") today announced that it has committed to invest up to $200 million in Kerogen Energy Holdings LLC ("Kerogen" or "the Company"). With offices in Houston, Texas, and Calgary, Alberta, Kerogen is focused on onshore unconventional oil and liquids exploration and production in the United States and Canada.
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Kerogen is led by Chairman Dr. Alexander Kulpecz and President and CEO Murray Grigg, both of whom have exceptional technical expertise and management track records specific to the exploration and development of hydrocarbons from shale oil reservoirs. Since its formation in late 2010, the Company has identified and completed the technical evaluations of proprietary liquids-rich shale plays in both the United States and Canada, has acquired initial leaseholds and is now positioned to expand its leasehold interests and drill key projects.
Mr. Grigg said, "We are excited to have the support and confidence of Riverstone, a premier investor in the industry, as they understand and appreciate the unique technical capabilities of our team and the commercial opportunities that lie ahead for us in both the U.S. and Canada."
Dr. Kulpecz added, "We have been focused on shale oil exploration during an unprecedented time in the oil and gas industry. With Riverstone's equity commitment, we believe we have a great opportunity to build a highly successful shale oil company."
Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone, added, "Investing in exceptional and highly experienced management teams is a fundamental component of Riverstone's long-held investment strategy. We believe that Alex, Murray and the rest of their team are uniquely qualified to identify onshore unconventional resources and that the Company is well positioned to capitalize on those opportunities. We are excited about Kerogen's prospects and proud to be partnering with them."
About Kerogen Energy Holdings LLC
Founded in 2010 with the support of private investors, Kerogen Energy Holdings LLC is backed by equity commitments from Riverstone Holdings LLC and is focused on shale oil exploration in both the United States and Canada. For more information, visit www.kerogenexploration.com.
About Riverstone Holdings LLC
Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with over $22 billion of equity capital raised across seven investment funds and co-investments, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $19.4 billion to 91 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.
James David or Jeffrey Taufield
Kekst and Company
SOURCE: Riverstone Holdings LLC
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