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May 9, 2022

Riverbend Energy looking to divest $2bn in US oil and gas assets

The firm is seeking potential buyers for three portfolios including Riverbend VI, Riverbend VI-B, and Riverbend VIII.

Investment firm Riverbend Energy Group is considering the sale of oil and gas assets, worth approximately $2bn, to capitalise on surging commodity prices, Reuters reported, citing people familiar with the matter.

The firm is seeking interest from potential buyers for three of its oil and gas assets, including debt.

Comprising minority stakes in individual oil and gas wells, the three portfolios include Riverbend VI, Riverbend VI-B, and Riverbend VIII.

As part of the divestment plan, the firm is working with an undisclosed investment bank on the auction process for the assets in recent weeks, according to the sources.

The investment firm expects to attract interest from other financial investors who are seeking cash generated by oil and gas assets.

Riverbend VI owns a non-operated portfolio of nearly 150,000 net acres. It has a current net production of approximately 28,000 barrels of oil equivalent per day.

Established in 2016, Riverbend VI is focused on acquisition and development assets in the Williston shale play of North Dakota, and the Ohio portion of the Utica shale.

Engaged in acquisition and development of natural gas weighted basins in the US, Riverbend VIII holds a portfolio of non-operated stakes in the Fayetteville and Haynesville assets.

It has current net production of 115 million cubic feet of gas equivalent per day.

Riverbend currently has five monetised portfolios and provides enabling service, development, and finance across the storage, solar, electric vehicle, and energy management sector.

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