With the increased ownership of our existing Eagle Ford asset plus other opportunities we’re pursuing, the capital expansion makes sense as we continue to target projects with large-scale upside.
Austin, TX (PRWEB) April 02, 2013
Venado Oil & Gas LLC today announced that it has received an equity commitment of $125 million from Riverstone Holdings LLC, adding to the initial $150 million from EnCap Investments L.P., bringing the company’s total equity capitalization to $275 million.
“We are pleased to add Riverstone, another premier energy-focused private equity firm, to complement EnCap in our core investor group,” said Venado CEO Scott Garrick. “With the increased ownership of our existing Eagle Ford asset plus other opportunities we’re pursuing, the capital expansion makes sense as we continue to target projects with large-scale upside.”
Evercore Partners acted as financial advisor to Venado. The investment by Riverstone highlights the quality of projects that Venado continues to exploit, including its large-scale Eagle Ford operation and additional opportunities.
About Venado Oil & Gas LLC
Venado Oil & Gas is a privately held energy company focused on exploring and developing oil and natural gas properties located in the Gulf Coast and Permian regions of Texas. The company, along with its financial partners EnCap Investments L.P. and Riverstone Holdings LLC, is committed to the development of both conventional and unconventional geologic formations, utilizing the latest technology, while maintaining the highest level of professional standards.
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private equity firm founded in 2000 with approximately $24 billion of equity capital raised across seven investment funds, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration and production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $21.3 billion to 96 investments in North America, Latin America, Europe, Africa and Asia.