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Riverstone Invests In Shelter Bay Energy
New York NY (SPX) Mar 28, 2008 Riverstone Holdings has announced it will provide capital to fund the growth of Shelter Bay Energy, a privately held exploration and production company focused in the Bakken light oil play in southeast Saskatchewan. The investment is part of Shelter Bay's plans to raise C$625 million. Riverstone is joined by Kelso and Company, Crescent Point Energy Trust, Goldman Sachs, and Trafelet and Company. Terms were not disclosed. Shelter Bay, based in Calgary, Alberta, was recently formed by Crescent Point Energy Trust, a publicly traded Canadian income trust, and will be managed through a Technical Services Agreement with Crescent Point. Immediately following the investment, Shelter Bay will complete its previously announced acquisition of Landex Petroleum Corporation, an oil and gas production company with operations and assets in southeast Saskatchewan. David Leuschen, Founder and Managing Director of Riverstone, commented, "Shelter Bay represents a compelling opportunity for Riverstone and its partners to invest with a leading operator in the Saskatchewan Bakken, one of the most promising conventional oil plays in western Canada. This investment is consistent with Riverstone's objective to partner with proven management teams that possess strong track records with basin-focused operating expertise. We are pleased to be joined in this investment by Kelso, Goldman Sachs, Crescent Point Energy Trust, and Trafelet. We look forward to working together to grow Shelter Bay into a premier southeast Saskatchewan Bakken oil and gas company." Scott Saxberg, CEO of Crescent Point and Shelter Bay, commented, "We are very excited about our investment in Shelter Bay, and are grateful for the strong response we have received from Crescent Point's existing investors and Shelter Bay's financial partners. We are encouraged that world class investors such as Riverstone, Kelso, Goldman Sachs and Trafelet, who have capitalized Shelter Bay, have recognized the significant potential of the Bakken light play in southeast Saskatchewan. We believe Shelter Bay represents a compelling investment opportunity for existing Crescent Point shareholders, and we look forward to growing Shelter Bay through acquisitions, development and drilling." Community Email This Article Comment On This Article Related Links Powering The World in the 21st Century at Energy-Daily.com
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