Riverbend Energy Group has returned as a buyer in the Williston Basin after exiting from its non-operated position in nearly a year ago in a $1.8 billion deal, the company said in a June 19 press release.
Riverbend said it pulled the trigger on a “sizeable non-operated” working interests in the core of the Williston. The acquisition, along with other recent acquisitions, provides a “high-quality, free cash flow positive non-operated asset base” in the Williston and Permian basins, the Houston company said.
The company did not disclose details about the Williston acquisition, including the price tag of its newly acquired interests. Riverbend said its assets are underpinned by top-tier operators, which it did not name.
The company said it the recent transactions mark the “rebuilding” of Riverbend’s non-op strategy following its August 2022 divestiture from the Williston. The sale, to an undisclosed buyer, included its equity interests in Riverbend Oil & Gas VI LLC, Riverbend Oil & Gas VI-B LLC and Riverbend Oil & Gas VIII LLC.
Riverbend said it continues to manage and grow other active traditional energy strategies, which target operated Midland Basin properties and mineral and royalty interests across leading oil-producing shale plays. Riverbend’s southern Midland assets comprise a majority HBP portfolio underpinned by more than 50 horizontal Wolfcamp wells that are online or underdevelopment, according to the company’s website.
Riverbend’s activities are complemented by an active energy transition platform, the company said.
CEO Randy Newcomer Jr. said that the Riverbend’s team has demonstrated its capabilities as a leading energy investment and operating company for more than 20 years.
“With this transaction, our team continues to rely on our established acquisition and asset management process, which leverages our proprietary systems and technologies to identify and aggregate high value assets,” Newcomer said in the news release. “We are excited and firmly believe in the market trends that support Riverbend’s traditional energy investment thesis, including underinvestment across the hydrocarbon landscape, as well as strong activity levels and continued focus on core inventory development in the most prolific unconventional basins where Riverbend is positioned.”
Riverbend will continue to seeking compelling investment opportunities while maintaining “our prudent underwriting and active asset management.”
Since 2003, Riverbend has successfully acquired, developed, and managed more than $5 billion of total enterprise value.