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Komfie Manalo, Opalesque Asia: Fortress Investment Group has confirmed that certain Fortress managed
funds and accounts have acquired a limited partner interest in Red Rocks
Energy Partners to own and develop oil and gas assets in over 7,200
acres in the SCOOP play in Grady, McClain, and Garvin Counties, Oklahoma.
In a statement, Fortress said that over the last five years
funds within Fortress’ Credit business have invested over $1.5bn 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 $350m partnership with IOG Capital, LP to provide
drilling capital to high quality operators in the United States,"
Fortress said in a statement.
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.
Fortress Investment Group is a highly di...................... To view our full article Click here
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