Rock Oil Holdings LLC Sold to SM Energy Company for $980 Million

Riverstone Holdings LLC was founded by David Leuschen and Pierre F. Lapeyre in 2000. They’re a private investment firm that buys and grows capital investments in the energy industry that include: exploration and production, midstream, oilfield services, power and renewable energy. Having over 120 investments in North America, Latin America, Europe, Asia, and Africa with $32 Billion earmarked for their endeavors, Riverstone has offices in New York, London, Houston, and Mexico City.
On August 8th, Riverstone announced that they, Riverstone Global Energy, and Power Fund V, L.P. along with minority partners have signed an agreement to sell the Houston and Denver based oil and gas company Rock Oil Holdings LLC. (focused in the Permian Basin) to SM Energy, an oil and gas company from Denver. The agreement is for $980 Million in cash, with finalization of the transaction expected in early October.
Rock Oil, created in March of 2014 utilizes their land and technical expertise to acquire and develop relative assets in North America. They have acquired approximately 24,783 net acres in the Midland Basin part of the Permian.
Kyle R. Miller, Chairman and CEO of Rock Oil has an excellent record of successfully leading exploration and production companies including a previous Rock Oil entity, along with President Jason Cansler who before joining the Company, brought with him over 15 years of relative experience from Chevron and Wells Fargo.
Mr. Miller stated: “We are very pleased by the successful execution of our stated strategy of building and developing a concentrated position in the core of a leading North American producing basin. Our ability to drive value in a challenging commodity price environment is a testament to the quality and technical expertise of the Rock Oil team and our strong and supportive working relationship with Riverstone. We wish SM Energy success with these world class Permian assets.”
John Lancaster, Partner and Managing director at Riverstone, had this to say: “We at Riverstone have been thrilled to work in partnership with Kyle Miller, Jason Cansler and their colleagues in building Rock Oil and its excellent position in the Midland Basin. The team relied on its deep wealth of industry relationships and its technical expertise to define and assemble a core acreage position in Howard County, which offers some of the most attractive upstream returns in North America.”