Riverstone sells Texas operating co assets for undisclosed sum
Updated : 07:50
Riverstone Holdings said it has agreed to sell all of its assets in Three Rivers Operating Company, an Austin-based oil and gas company for an undisclosed sum to an unnamed buyer.
Riverstone formed Three Rivers III in April 2015 to pursue acquisition, exploitation and development opportunities in the Permian Basin of West Texas and Southeast New Mexico.
The company said that it would realise gross cash proceeds of around $205m, representing a gross multiple of invested capital of 2.2 times on its investment of $94m, representing a gross profit of $111m.
The deal is expected to close in April 2018.