Upstream newcomer Rock Oil has raised $250million (£150million) from private equity firm Riverstone Holdings to build shale acreage and production in West Texas.
The firm’s management team had previously worked on the Eagle Ford shale, which it successfully sold in separate transactions to Sabine Oil and Gas and Sanchez Energy Corporation in 2012 and 2013.
The company is looking to invest in proven shale projects in the region, with specific focus on the Eagle Ford Shale, the Utica Shale and the Permian Basin, it said in a statement.
“Our equity commitment to Rock Oil reflects the confidence that we have in Kyle [Miller, Rock Oil chairman] and the entire Rock Oil team,” said John Lancaster, partner at Riverstone Holdings.
“We believe this new venture is well situated to capitalize on the continued opportunities we see in their focus regions.”