Riverbend Energy Group Divests Non-Operated Portfolios

HOUSTON–(BUSINESS WIRE)–Riverbend Energy Group (“Riverbend”), on behalf of certain of its affiliates, announced today the execution of a definitive agreement with a private buyer for the sale of all of the equity interests in Riverbend Oil & Gas VI, LLC, Riverbend Oil & Gas VI-B, LLC and Riverbend Oil & Gas VIII, LLC, for total consideration of $1.8 billion. The transaction is subject to customary terms and conditions and is expected to close in the third quarter of 2022, with an effective date of May 1, 2022.

The divested portfolios represent a substantial, diversified asset base of non-operated interests across the Bakken/Three Forks, Utica, Fayetteville and Haynesville. As of the effective date, these properties produced approximately 47,000 barrels of oil equivalent per day from over 11,000 wells.

Of Riverbend’s five (5) currently active traditional energy portfolios, this transaction represents a successful and complete monetization for Riverbend of three (3) portfolios, Riverbend VI, VI-B and VIII.

Today marks another major milestone for Riverbend and our institutional investors, representing the culmination of nearly six years of diligent acquisition and asset management efforts since the launch of specific traditional energy business plans in delineated and de-risked liquids rich as well as dry gas basins,” said Randy Newcomer, Jr., Riverbend’s CEO. “These core assets, in top-tier North American horizontally exploited producing areas, were assembled through an extremely prudent acquisition approach across nearly 100 discrete transactions in the midst of volatile commodity price and commercial environments. Since the building of these specific business plans and growing/managing these assets, all of the disciplines of the Riverbend team produced diligent, courageous and exemplary efforts to ultimately effectuate this transaction. We are additionally thankful to our equity investors and bank syndicate partners, both groups representing a significant backbone to the Riverbend franchise.”

Barclays served as financial advisor to Riverbend in connection with the transaction and Kirkland & Ellis served as legal advisor.

About Riverbend Energy Group

Riverbend Energy Group, based in Houston, Texas, is a multi-faceted investment firm, utilizing risk-weighted deal evaluation processes to deploy capital into a variety of investment theses in the U.S. energy sector. As a trusted name in the energy investment space, Riverbend’s portfolios have included, and continue to include, operated, non-operated, and mineral and royalty assets in traditional energy, as well as investments in the energy transition sector. Since 2003, Riverbend has successfully acquired, developed, and managed over $5 billion of total enterprise value across ten asset portfolios and continues to aggressively pursue opportunities in the energy marketplace. For more information, visit riverbendenergygroup.com.

Contacts

Thomas Galloway, Riverbend Energy Group

tgalloway@riverbendeg.com

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