Riverstone: Three Rivers To Sell All Delaware Basin Assets

Three Rivers Operating Company III LLC, a private E&P with a 57,000-net-acre position in the Delaware Basin, is being sold nearly a year after it was first put on the market. Private-equity backer Riverstone Holdings LLC said it agreed to the “sale of 100% of the assets” in Culberson and Reeves counties, Texas, held by Three Rivers, also known as 3ROC. Riverstone did not disclose the terms of the deal or the buyer. Three Rivers, based in Austin, produced more than 10,000 barrels of oil equivalent per day (boe/d) in January. The sale follows a gas dedication agreement by the company in December, the terms of which were also withheld. Riverstone said that when the transaction closes, subsidiary Riverstone Energy Ltd. (REL) will realize gross proceeds of about $205 million. REL said in a Feb. 17 press release that it will receive a gross multiple of 2.2x based on its $94 million investment in the company and a gross IRR of 49%.
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