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Riverstone Energy backing CanEra

Riverstone Energy is committing C$75m towards a C$465m investment in CanEra Inc. CanEra Inc. is a newly-formed, Calgary-based oil and gas company. This is the third partnership that Riverstone Holdings (the company behind Riverstone Energy) has entered into with CanEra’s management team which includes J. Paul Charron (pictured). The previous two ventures were CanEra Resources Inc. (bought by Legacy Oil for $500m in 2010) and CanEra Energy Corp (bought by Crescent Point for C$750m in 2014). CanEra Inc. will focus on the acquisition, exploitation and exploration of large oil- and/or gas-in-place deposits in the Western Canadian Sedimentary Basin, an area where CanEra Inc.’s management team has had considerable prior success and where the team has an extensive network of industry relationships.

The balance of the money is being committed by other funds managed or advised by Riverstone and by NGP Energy Capital Management, LLC and CanEra Inc.’s management team.

RSE : Riverstone Energy backing CanEra

 

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