Riverstone Raises Commitment to Deepwater Gulf of Mexico Venture to $550 Million
Ridgewood Energy Corporation, a private upstream oil and gas investment company based in Montvale, New Jersey, and Houston, Texas, announced that an affiliate of Riverstone Global Energy and Power Fund V, L.P., an energy-focused private equity fund managed by Riverstone Holdings LLC, will make a strategic investment alongside Ridgewood in a series of deepwater exploration projects located in the Gulf of Mexico. The Ridgewood management team will manage the investments on behalf of the venture. Combined with a similar commitment by an affiliate of Riverstone/Carlyle Global Energy and Power Fund IV, L.P. in 2010, this brings the total Riverstone sponsored fund commitment to the venture to over $550 million.
Since its inception in mid-2010, this venture has participated in four significant oil discoveries located in the Mississippi Canyon and Ewing Bank regions of the deepwater Gulf of Mexico, all of which are currently under development and expected to commence production in 2015 and early-2016. The venture now has an additional seven exploration opportunities being progressed, the first of which will begin drilling in March 2013.
About Ridgewood Energy
Ridgewood Energy Corporation, founded in 1982, manages private investment funds that drill and develop oil and gas projects in the U.S. waters of the Gulf of Mexico. With its strategic focus on the deepwaterGulf of Mexico, Ridgewood Energy and its partners seek to develop and produce new oil and gas reserves with multi-billion dollar revenue potential. Ridgewood's team of energy-industry professionals bring extensive operating, technical, and geological expertise to all stages of the investment process, from project evaluation and selection through drilling, development, and production. For more information, visit www.ridgewoodenergy.com.
About Riverstone Holdings LLC
Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with over$24 billion of equity capital raised across seven investment funds and co-investments, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $20.9 billion to 95 investments in North America, Latin America, Europe, Africa and Asia. For more information, visit www.riverstonellc.com .