US-based investment firm Riverbend Energy Group has closed the sale of its non-operated interest in oil and gas assets in North America to an undisclosed firm for $1.8bn.
The sale involved Riverbend’s interests in Riverbend Oil & Gas VI, Riverbend Oil & Gas VI-B, and Riverbend Oil & Gas VIII.
The divested portfolios include non-operated interests in a diversified asset base across the Bakken/Three Forks, Utica, Haynesville, and Fayetteville regions.
As of 1 May 2022, these assets had a production capacity of 47,000 barrels of oil equivalent per day from over 11,000 wells.
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.”
In May 2022, Reuters reported that Riverbend was considering the sale of its three portfolios including Riverbend VI, VI-B, and VIII for approximately $2bn, to capitalise on surging prices of the commodity.
Riverbend said it will now continue to manage and expand funds VII and IX.
Riverbend VII is focused on operated properties in the Midland basin while Riverbend IX focuses on mineral and royalty interests across leading shale plays.
Riverbend will seek to acquire non-operated stakes in assets in the Midland, Delaware, and Williston oil basins, and the Barnett, Fayetteville, Haynesville, and Marcellus/Utica natural gas basins.