Riverstone To Sell Rock Oil Holdings To SM Energy For $980 Mln In Cash

(RTTNews) - Riverstone Holdings LLC announced the signing of a definitive agreement pursuant to which Riverstone Global Energy and Power Fund V, L.P. ("Fund V") and minority partners have agreed to sell Rock Oil Holdings LLC ("Rock Oil" or the "Company"), a Houston- and Denver-based oil and gas company focused in the Permian Basin, to SM Energy Co. (SM), a Denver-based oil and gas company, for $980 million in cash.

The transaction is subject to customary closing conditions and is expected to close in early October.

Rock Oil was formed in March 2014 with the strategy of applying Rock Oil's land and technical expertise to the acquisition and development of assets in top-tier North American unconventional oil plays. Since its formation, the Company has entered into a series of acquisitions to establish a position of approximately 24,783 net acres in the Midland Basin component of the Permian. The Company, which has been actively executing upon a horizontal development program in Howard County, TX, currently produces approximately 4,900 boepd.

Rock Oil is led by Chairman and CEO Kyle R. Miller and by President Jason Cansler.