Denver, CO and London, UK (March 12, 2014) – Liberty Resources II LLC (“Liberty II”) today announced the closing of its acquisition of oil and gas assets in North Dakota’s Williston Basin for approximately $446 million, which reflects customary effective date purchase price adjustments. The acquisition was funded through equity investments from funds managed by energy private equity firm Riverstone Holdings LLC (“Riverstone”), including Riverstone Global Energy and Power Fund V and Riverstone Energy Limited (“REL”), Liberty II management and other investors, as well as third-party debt. REL contributed $66.4 million including its $13.3 million share of the deposit funded on January 30, 2014. The properties acquired comprise approximately 53,000 net acres primarily located in Williams, Divide, Burke and McKenzie counties and over 4,000 boe/day of production from the Bakken and Three Forks formations, which Liberty II will continue to target as it furthers the development of the acquired properties. The transaction represents the first acquisition by Liberty II since its formation in November 2013. Read full article
