Houston, TX, United States (4E) – Riverstone Holdings LLC and Kohlberg Kravis Roberts & Co. L.P. have agreed to merge their assets to form a new oil and gas company to be named as Trinity River Energy LLC.
The combined entity will be jointly owned by Riverstone, which controls Legend Production Holdings LLC, and KKR, which owns KKR Natural Resources Funds. The company will be led by Legend Production President and CEO Chris Hammack.
The deal is expected to be finalized in the third quarter of this year.
The agreement’s financial terms were not yet publicly disclosed. The head office of the new venture will be located in Fort Worth, Texas.
The merger creates a company with huge production in the Barnett Shale and great growth potential in the Permian Basin, Mississippi, Louisiana and Texas while also benefitting from a strong balance sheet, according to Riverstone co-founders David Leuschen and Pierre Lapeyre.