Riverstone Energy Limited Portfolio Update (1370K)
August 23 2023 - 1:00AM
UK Regulatory
TIDMRSE
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
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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END
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