New partnership seeks Permian basin assets

Three Rivers Natural Resource Holdings III has been formed with an equity commitment of as much as $500 million for acquisition of oil and gas properties in the Permian basin.

The equity commitment is from funds managed by energy private equity form Riverstone Holdings LLC.

Mike Wichterich, who led two previous partnerships between Three Rivers and Riverstone focused on the Permian basin, is chief executive officer and president of Three Rivers III, based in Austin.

Assets of the previous partnerships, Three Rivers I and II, have been sold.

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