Investment manager Riverstone Energy believes oil producers in low-cost basins will continue to perform strongly thanks to good fundamentals and a dip in North American drilling activity.
Private equity firm Riverstone Holdings is selling US-based oil and gas exploration company Rock Oil. In an update on the London Stock Exchange (LSE), energy-sector-focused Riverstone said it expects the sale of Rock Oil to SM Energy to generate gross cash proceeds of $237million. Denver-headquartered SM Energy said the purchase price was $980million.
Riverstone Energy said it will sell its stake in Rock Oil Holdings to SM Energy for $237million.
Riverstone Energy has invested a further $105million in seven companies in the third quarter of 2015 and reported a rise in net asset value.