Three Rivers Operating Company News

Riverstone Holdings LLC invests up to $500 million in Three Rivers III

Austin, TX, New York, NY and London, UK (8 April 2015) – Three Rivers Natural Resource Holdings III LLC (“Three Rivers III” or the “Company”), a newly-formed, Austin-based oil and gas company today announced an equity commitment of up to $500 million from funds managed by energy private equity firm Riverstone Holdings LLC (“Riverstone”) and additional amounts from the Company’s management team. The Riverstone commitment comprises up to $333 million from Riverstone Global Energy and Power Fund VI and up to $167 million from Riverstone Energy Limited (“REL”).

Three Rivers III represents the third partnership between Riverstone and Three Rivers III’s management team after the successful sales of substantially all of the assets of Three Rivers Natural Resource Holdings LLC (“Three Rivers I”) and Three Rivers Natural Resource Holdings II LLC (“Three Rivers II”). The Three Rivers III team will continue to be led by Mike Wichterich (CEO and President). Similar to Riverstone’s two prior successful partnerships with Three Rivers III management, the Company will continue to focus on oil and gas acquisition opportunities in the Permian Basin, where its management team has a proven track record of success. The team has significant experience in managing exploration and production assets, both in the Permian Basin and other regions of the United States.

Pierre Lapeyre and David Leuschen, Co-Founders of Riverstone, added, “We are delighted to be working with Mike and his team again. This investment exemplifies Riverstone’s strategy of re-partnering with proven management teams with deep, basin-focused operating expertise. We look forward to repeating the success we had with both Three Rivers I and Three Rivers II.”

About Riverstone Holdings LLC

Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with $29 billion of equity capital raised to date. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed over $28 billion to more than 110 investments in North America, Latin America, Europe, Africa and Asia.

About Riverstone Energy Limited

REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. The Company is uniquely positioned to benefit from the large number of investment opportunities being driven by the North American energy revolution and the continued growth in global energy demand. REL aims to capitalize on the opportunities presented by Riverstone’s energy investment platform. REL is a member of the FTSE 250 and its ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. To date, REL has invested in 13 energy companies spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the U.K. North Sea, the Norwegian Sea, and Mexico.

Three Rivers Acquires 15,000 Acres from Meritage Energy

On September 7, 2012 Three Rivers acquired certain assets located in the Permian Basin of West Texas from Meritage Energy Company, LLC (“Meritage”). The acquired properties included approximately 15,000 net acres with production of 1,900 barrels of oil equivalent per day located in Howard, Glasscock, Martin, Dawson and Upton Counties, Texas.  Substantially all of the production from the Meritage assets is derived from Wolfberry wells, principally in Howard County.  We plan to continue to drill vertical Wolfberry wells on this acreage with two or more active drilling rigs.  Additionally, much of the acreage is prospective in the Cline formation, which we intend to exploit using horizontal drilling techniques.  Three Rivers is actively seeking additional acquisitions of producing wells and undeveloped leasehold in close proximity to the Meritage assets.