Riverstone Holdings and Warwick Energy Group have entered into an agreement to sell R/C Sugarkane LLC to an entity affiliated with Warwick. The financial terms of the transaction have not been disclosed.
R/C Sugarkane is a private upstream oil and gas company with non-operated working interests comprised of approximately 6,000 net acres in a core, liquids-rich window of the Eagle Ford Shale. It has approximately 3 MBOE/d of net production.
CEO of Warwick, Katherine Richard commented: "The R/C SugarKane assets are world-class oil and gas properties located in the core of the Eagle Ford Shale. The acquisition of these assets is part and parcel to our core strategy of acquiring, consolidating and developing long lived US gas reserves, primarily in unconventional reservoirs."
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.