NEW YORK & HOUSTON--(BUSINESS WIRE)--
Kohlberg Kravis Roberts & Co. (together with its affiliates, "KKR")
announced today that KKR has acquired certain Barnett Shale properties
(the "Assets") from ConocoPhillips. Following the $40mm acquisition of
Southeast Texas oil and gas assets in November, the transaction is the
second investment made by KKR Natural Resources (the partnership between
KKR and Premier Natural Resources that was formed to pursue investments
in North American oil and gas properties).
Located in North Central Texas and producing out of the Barnett Shale
formation, the Assets contain 93bcfe of total net proved reserves (based
on a third party estimate) of which over 90% are proved developed
"With a high PDP reserve component in a well known reservoir, these
assets are precisely the types of properties KKR Natural Resources was
designed to pursue. We are excited about these assets and continue to be
excited about the opportunity to acquire additional oil and gas
properties in North America," said Jonathan Smidt, a Member at KKR and a
senior member of KKR's Energy and Infrastructure business.
KKR announced its partnership with Premier Natural Resources ("Premier")
in February, 2010. Founded in June 2006 by former executives of Vintage
Petroleum, Inc., Premier currently operates a portfolio of assets
located in the Texas Gulf Coast and the Permian Basin and has experience
operating assets in most of the major producing basins in the United
KKR has been investing in the energy sector for more than twenty years,
and today KKR's energy business spans the globe and covers the full
energy supply chain. KKR's recent oil and gas transactions include
Hilcorp Resources and East Resources as well as the formation of a
partnership with RPM Energy.
Founded in 1976 and led by Henry
Kravis and George
Roberts, KKR is a leading global alternative asset manager with
$55.5 billion in assets under management as of September 30, 2010. With
over 650 people and 14 offices around the world, KKR manages assets
through a variety of investment funds and accounts covering multiple
asset classes. KKR seeks to create value by bringing operational
expertise to its portfolio companies and through active oversight and
monitoring of its investments. KKR complements its investment expertise
and strengthens interactions with investors through its client
relationships and capital markets platforms. KKR is publicly traded on
the New York Stock Exchange (NYSE: KKR). For additional information,
please visit KKR's website at www.kkr.com.
Premier Natural Resources was formed out of the acquisition and
exploitation business plan implemented by Vintage Petroleum, Inc.
Vintage was started in 1983 by Charles C. Stephenson and a team of
executives that built the organization up to a 75000 BOEPD oil and gas
company that owned and operated properties in the U.S., Argentina,
Bolivia, Canada, Ecuador, Trinidad and Yemen before being merged with
Occidental Petroleum, Inc in January, 2006 for a market evaluation of
$4.1 billion. In North America, Vintage operated properties in all U.S.
major producing states from Alabama to California and from Canada to the
Federal Offshore Gulf of Mexico. For more information, visit www.premiernaturalresources.com.
KKR Media Contact:
Peter McKillop or Kristi Huller
1 (212) 750-8300
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