Source: Ridgewood Energy Corp.
Ridgewood Energy Corp., a private Gulf of Mexico oil and gas exploration and production company based in Montvale, New Jersey and Houston, announced that Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings LLC, will make a strategic investment alongside Ridgewood in a series of deepwater oil exploration projects located in the Gulf of Mexico. Ridgewood will manage the investments on behalf of the venture.
The venture has already acquired material positions in over 20 highly prospective leases, with five defined prospects lined up for drilling in 2011, once the drilling moratorium is lifted.
Ridgewood's President and Chief Operating Officer, Kenny Lang, has significant experience in managing exploration and production assets in the Gulf of Mexico. “Ridgewood has been successfully investing in the Gulf of Mexico for 25 years and we are very pleased to be partnering with Riverstone,” Lang noted. “The deepwater Gulf of Mexico is one of the most prolific basins in the world and we have an excellent team of engineers and explorationists with considerable experience in the region.”
Ridgewood's Founder and CEO, Bob Swanson, said, “Riverstone brings both capital and significant exploration and production experience to this venture. We are thrilled to be partnering with them and look forward to a mutually beneficial long-term relationship.”