Private Equity | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity

Riverbend Finalizes $1.8B Sale of Portfolio Companies

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   |    Tuesday,August 23,2022

Riverbend Energy Group has completed the previously announced sale of its equity interests in Riverbend Oil & Gas VI LLC, Riverbend Oil & Gas VI-B LLC and Riverbend Oil & Gas VIII LLC.

Total purchase price for the transaction was $1.8 billion..

The divested portfolios represent a substantial, diversified asset base of non-operated interests across the Bakken/Three Forks, Utica, Fayetteville and Haynesville. As of the effective date, these properties produced approximately 47,000 barrels of oil equivalent per day from over 11,000 wells.

The close of this transaction marks the successful monetization for Riverbend of three of Riverbend's five active traditional energy portfolios. The company continues to manage and grow funds VII and IX, which target operated Midland Basin properties (Riverbend VII) and mineral and royalty interests across leading shale plays (Riverbend IX).

Additionally, the company is pursuing non-operated working interest acquisitions in the Midland, Delaware, and Williston oil basins and Barnett, Fayetteville, Haynesville and Marcellus/Utica natural gas basins (Riverbend XI and/or successors). These hydrocarbon asset focused prospects are complimented by the growing energy transition opportunities that Riverbend is actively evaluating (Riverbend X).

Recent Key Personnel Addition

Riverbend Energy Group also announced the addition of Ritu Sachdeva to augment the energy transition business.

Ritu Sachdeva joined the Riverbend team in June of 2022 as a Managing Director in the Energy Transition practice. She has over 18 years of leadership experience in Energy and Transition investing and operations. Prior to joining Riverbend, she served as the Chief Strategy Officer of Innowatts, a leading AI-enabled decarbonization SaaS platform, managing company strategy, fundraising, growth opportunities and partnerships. Prior to Innowatts, Ritu served in multiple senior management positions for Fortune 500 and FTSE 100 energy companies for 13 years. Ms. Sachdeva holds a BA in Economics and an MBA from University of Delhi and a Masters in Energy Finance from University of Texas at Austin.