Fortress Announces Completes Acquisition of Limited Partner Interest in Red Rocks Energy Partners
- M&A Deals
- 14.11.2016 07:15 am
Fortress Investment Group LLC (NYSE:FIG, “Fortress”) today announced that certain Fortress managed funds and accounts (“Fortress Credit Funds”) have acquired a limited partner interest in Red Rocks Energy Partners L.P. to own and develop oil and gas assets in over 7,200 acres in the SCOOP play in Grady, McClain, and Garvin Counties, Oklahoma.
Over the last 5 years funds within Fortress’ Credit business (“Fortress Credit”) have invested over $1.5 billion in both debt and equity across the power, renewables, midstream and upstream energy sectors, focused on opportunistic asset level investments. This transaction is the second significant equity investment in exploration and production since the commodity price downturn, following Fortress Credit’s $350 million partnership with IOG Capital, LP to provide drilling capital to high quality operators in the United States. For the Red Rocks transaction, Fortress Credit has partnered directly with a highly experienced operator, Red Rocks Resources LLC, to develop conventional and unconventional assets in an emerging area of the SCOOP. The acquired assets have significant current production, low-risk economic vertical locations and highly economic horizontal drilling opportunities in the prolific Woodford shale.