REG - Riverstone Energy Ld - Portfolio Update

Riverstone EnergyAnnouncement

23/08/2023 07:15

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RNS Number : 1370K  Riverstone Energy Limited  23 August 2023

LEI: 213800HAZOW1AWRSZR47

 

 

23 August 2023

 

Permian Resources announces the Acquisition of Earthstone Energy in All -
Stock Transaction for $14 billion.

 

 

Riverstone Energy Limited is pleased to announce - On 21 August 2023, Permian
Resources Corporation ("Permian Resources" or the "Company") (NYSE: PR) and
Earthstone Energy, Inc. ("Earthstone Energy" or "Earthstone") (NYSE: ESTE)
announced that they have entered into a definitive agreement under which
Permian Resources will acquire Earthstone in an all-stock transaction valued
at approximately $4.5 billion, inclusive of Earthstone's net debt. Under the
terms of the transaction, each share of Earthstone common stock will be
exchanged for a fixed ratio of 1.446 shares of Permian Resources common stock.
The transaction strengthens Permian Resources' position as a leading Delaware
Basin independent E&P with over 400,000 Permian net acres, pro forma
production of approximately 300,000 Boe/d and an enhanced free cash flow
profile to increase returns to shareholders.

 

REL maintains a 10 million share position, the merger is expected to close
during the fourth quarter of 2023.

 

 

About Riverstone Energy Limited:

 

REL is a closed-ended investment company which invests in the energy industry
that has since 2020 been exclusively focussed on pursuing and has committed
$193 million to a global strategy across decarbonisation sectors presented by
Riverstone's investment platform.  REL's ordinary shares are listed on the
London Stock Exchange, trading under the symbol RSE.  REL has 15 active
investments spanning decarbonisation, oil and gas, renewable energy and power
in the Continental U.S., Western Canada, Europe and Australia.

 

For further details, see www.RiverstoneREL.com (http://www.RiverstoneREL.com)

 

Neither the contents of Riverstone Energy Limited's website nor the contents
of any website accessible from hyperlinks on the websites (or any other
website) is incorporated into, or forms part of, this announcement.

 

Media Contacts

For Riverstone Energy Limited:

 

Josh Prentice

+44 20 3206 6300

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