Riverstone Holdings has agreed to sell Three Rivers III, an Austin-based oil and gas company focused on the Permian Basin.
Riverstone Holdings, the manager of investment company Riverstone Energy, formed Three Rivers III in April 2015 to pursue acquisition, exploitation and development opportunities in the Permian Basin of West Texas and Southeast New Mexico.
Its creation followed partnerships with the same team in Three Rivers I and II.
Three Rivers III was producing in excess of 10,000 boepd net as of January 2018.
Upon closing of these transactions, Riverstone will realise gross cash proceeds of approximately $205 million, which represents a gross profit of $111 million.