Riverstone Holdings LLC, an energy and power-focused private investment firm, said today that Rover Petroleum LLC, a newly formed Dallas, Texas-based oil and gas company, has received an equity commitment of up to $250 million from funds managed by Riverstone and additional amounts from Rover’s management team.
Rover will pursue a strategy of acquisition and development of conventional oil assets in North America, concentrating on opportunities within the Texas and Oklahoma region. Rover will target mature, underdeveloped oil fields, which it will enhance through secondary recovery, operational improvement, and conventional exploitation techniques.
Rover is led by CEO Larry Keller, who will be joined by co-founders John Chadwick (COO) and James Chriesman (CFO). Keller has spent his entire 32-year career focused on conventional oil exploitation and redevelopment, and has a long history of working together with Chadwick and Chriesman.